- The Larger the Size, the Sharper the Price Increase...
Mid- to Large-Sized Apartments in the Seoul Metropolitan Area See 1.98% Price Rise from January to April
- Soaring Demand Amid Severely Limited Supply...
Scarcity Drives Record-High Transactions
Mid- to large-sized apartments are leading the upward trend in housing prices. As demand among buyers with higher incomes for more comfortable and spacious living spaces grows, but supply fails to keep pace, the scarcity of such apartments is becoming increasingly pronounced.
According to data from Real Estate R114, the apartment sale price increase rate in the Seoul metropolitan area from January to April this year was 1.61%. This result is particularly significant given the mixed market conditions caused by the implementation of the second phase of the stress DSR regulation in September last year, as well as increased political uncertainty triggered by the emergency martial law at the end of the year.
It is no exaggeration to say that this upward trend has been driven by mid- to large-sized apartments. During this period, apartments larger than 85 square meters recorded the highest price increase rate at 1.98%. In comparison, apartments between 60 and 85 square meters saw a 1.55% increase, while those 60 square meters or smaller rose by 1.21%. This indicates that the larger the apartment, the more pronounced the price increase.
As a result, record-high transactions have been reported in individual complexes. According to transaction data from the Ministry of Land, Infrastructure and Transport, a 112-square-meter unit in 'Bupyeong Kumho Eoullim' in Bupyeong-gu, Incheon, was sold for a record 510 million won last month (April). In the same month, a 101-square-meter unit in 'Imae Samhwan' in Bundang-gu, Seongnam, also found a new owner at 1.5275 billion won. The previous record for this type was 1.32 billion won in March, marking an increase of over 100 million won in just one month.
Against this backdrop, interest is rising among buyers in 'City O Ciel Complex 7,' which offers a wide variety of layouts from small to large units. Jointly developed by HDC Hyundai Development Company, Hyundai Engineering & Construction, and POSCO E&C, 'City O Ciel Complex 7' is being built in Block 4 of the Yonghyeon-Hakik 1 Block Urban Development Zone in Incheon. The complex will consist of nine buildings ranging from three basement levels to 47 above-ground floors, offering a total of 1,453 units with exclusive areas ranging from 59 to 137 square meters.
The breakdown of units by exclusive area is as follows: 152 units of 59 square meters, 73 units of 75 square meters, 599 units of 84 square meters (Type A), 280 units of 84 square meters (Type B), 142 units of 84 square meters (Type C), 64 units of 102 square meters (Type A), 94 units of 102 square meters (Type B), 47 units of 110 square meters, and 2 units of 137 square meters (penthouse), providing a diverse selection from small to large types.
The complex is located within walking distance of the soon-to-open Hakik Station on the Suin-Bundang Line, offering direct access not only to the Gangnam area but also to Suwon and Bundang without transfers once the station opens. In addition, Songdo Station on the Suin-Bundang Line, which is one stop away from the planned Hakik Station, is also set to benefit from the upcoming opening of the Incheon KTX and the Wolgot-Pangyo Line (Wolpan Line).
The plan to establish Yonghyeon-Hakik 2 Elementary School (tentative name) right in front of the complex recently passed the Ministry of Education's central investment review with conditions. The school will be built on a 15,772-square-meter site and will include an affiliated kindergarten and 36 classes. In addition, there are planned school sites within a one-kilometer radius, and the cultural boulevard (Link O Ciel) connecting Complex 7 to Hakik Station (planned) and Museum Park (planned) will be developed as a specialized walking trail.
The announcement of successful applicants for City O Ciel Complex 7 will take place on May 12 (Monday), and the contract period will run for five days from May 23 (Friday) to May 27 (Tuesday).
The model home is located in the Aam-daero area of Michuhol-gu, Incheon, and move-in is scheduled for November 2028.
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