Bundang Below Heaven Rises Again as No. 1 in Home Price Growth... "Record-High Transactions" After September 7 Measures [Real Estate AtoZ]

Weekly Growth Rate in the Fourth Week of September, No. 1 Nationwide
Stronger Gains After September 7 Measures: "Record-High Transaction Boom"
Seoul Sees Wider Gains... Seongdong and Mapo Lead the "Han River Belt"

The phrase "Bundang below heaven" is once again being talked about. This is because apartment prices in Bundang are heating up amid growing expectations for the redevelopment of first-generation new towns following the September 7 real estate supply measures. Bundang is emerging as a leading area for price increases, with record-high transactions occurring alongside other popular regions such as Seongdong, Mapo, and Gangdong in Seoul, as well as Gwacheon.

'Bundang's Heaven Below' is being talked about again. The photo shows the view of 'Yangji Village Kumho 1 Complex' in Sunae-dong, Bundang-gu, Seongnam-si, Seoul, owned by President Lee Jae-myung. Provided by Double Auction.

According to the Korea Real Estate Board on September 25, as of the fourth week of September (based on data from the 22nd), apartment sale prices in Bundang-gu, Seongnam, rose by 0.64% compared to the previous week, marking the highest growth rate nationwide. The Korea Real Estate Board explained, "There has been active trading as demand has concentrated in major complexes in Jeongja-dong and Seohyeon-dong."

Since the September 7 measures, Bundang's weekly statistics for the second to fourth weeks of September add up to a 1.25% increase. Along with Seongdong-gu in Seoul (1.28%), it is the only district nationwide to surpass the 1% mark. The weekly growth rate has also been increasing, from 0.28% to 0.34% and then 0.64%. Looking at a broader period, since the June 27 loan regulation, Bundang's cumulative increase over 13 weeks has reached 5.19%. This period marks the beginning of Bundang fully benefiting from the "balloon effect" as a non-regulated area. During this time, Bundang has overtaken Seongdong-gu (5.11%) to rank first nationwide.

The recent surge in Bundang is directly driven by expectations for the redevelopment of first-generation new towns. Analysts say that the government’s September 7 measures, which shifted the selection of leading districts from a public-led approach to a resident-proposal system and greatly expanded the volume of redevelopment, caused home prices to respond rapidly. The measures also include incentives such as increased floor area ratios and shorter approval processes, resulting in a "record-high transaction party."According to a recent analysis by Zigbang of apartment transactions in the Seoul metropolitan area in September that surpassed previous record prices, Bundang had the highest number with 49 such deals. Seongdong-gu (37 cases), Gangdong-gu (29 cases), and Mapo-gu (22 cases) followed.

Park Wongap, Chief Real Estate Expert at KB Kookmin Bank, said, "The sharp rise in Bundang shows that the redevelopment of first-generation new towns has become a real policy driver," adding, "While the strength may continue in the short term, in the long term, whether relocation measures are prepared will be the key turning point for the market."

Apartment Price Trends Nationwide for the Fourth Week of September. Korea Real Estate Board.

Across Seoul, apartment sale prices rose by 0.19% during the same period, an increase from the previous week's 0.12%. The "Han River Belt" areas-Seongdong-gu (0.59%), Mapo-gu (0.43%), Gangdong-gu (0.31%), and Gwangjin-gu (0.35%)-led the upward trend. These regions are being discussed as the top candidates for future regulations.In particular, Seongdong-gu recorded the highest increase in Seoul, surpassing the three Gangnam districts, as record-high transactions continued in station-area complexes in Kumho-dong and Haengdang-dong. In Mapo-gu, demand was centered around large complexes in Seongsan-dong and Gongdeok-dong, while in Gangdong-gu, buying interest was focused on Amsa-dong and Myeongil-dong.

Meanwhile, nationwide apartment sale prices rose by 0.03%, slightly higher than the previous week's 0.02%. The Seoul metropolitan area saw a 0.07% increase, up from 0.04% the previous week. In contrast, regional areas remained flat at -0.01%. The five major metropolitan cities also continued to decline, dropping by -0.02%, highlighting a clear regional disparity. Daegu fell by -0.06%, marking its 96th consecutive week of decline.