Bundang, Home to the President's Apartment, Sees Apartment Prices Jump 0.97% in One Week [Real Estate AtoZ]

Bundang Home Prices Accelerate After September 7 Measures
Buying Demand Concentrated in Jeongja-dong and Sunae-dong
Seoul's Riverside Districts, Including Seongdong, Mapo, and Gwangjin, See Notable Increases
Gwangjin-gu Records Largest Rise Since Data Compilation Began
Metropolitan Area Continues to Climb, Regions Remain Flat... Daegu Down for 97 Consecutive Weeks

Amid growing expectations for the redevelopment of first-generation new towns, apartment prices in Bundang-gu, Seongnam, have recorded the highest weekly increase nationwide for two consecutive weeks, maintaining a strong lead. In Seoul, the price increase has also widened, particularly around the so-called 'Hangang Belt,' signaling signs of an overheated market.

Yangji Village Kumho 1 Complex in Sunae-dong, Bundang-gu, Seongnam City, owned by President Lee Jae-myung. Double auction.

According to the weekly apartment price trends released by the Korea Real Estate Board on October 2, as of the fifth week of September (based on September 29), apartment sale prices in Bundang-gu, Seongnam City, rose by 0.97% compared to the previous week, marking the highest increase among 178 cities, counties, and districts nationwide. This is the highest weekly increase since the fifth week of June (1.17%).

The Korea Real Estate Board explained that "demand was concentrated on older apartments in Jeongja-dong and Sunae-dong." Sunae-dong is home to the 'Yangji Village Kumho 1 Complex,' owned by President Lee Jaemyung. Yangji Village Kumho 1 Complex is designated as a leading district among the first-generation new towns, and recently, the price for the standard 84-square-meter unit surpassed 2 billion won.

The upward trend in Bundang has become even more pronounced since the 'September 7 Real Estate Supply Measures.' Over the past four weeks, the weekly growth rates were 0.28%, 0.34%, 0.64%, and 0.97%, with the pace accelerating each week, resulting in a cumulative increase of 2.24%. During this period, no other region in the country has seen a greater rise than Bundang. The market atmosphere is so heated that there are comments such as, "Small-sized units are sold as soon as they hit the market."

Bundang is considered a prime beneficiary of the government's first-generation new town redevelopment policy. Through the September 7 measures, the government switched the selection method for leading districts to a resident proposal system and promised incentives such as increased floor area ratios and streamlined procedures. In addition, the recent partial lifting of military facility protection zones by the Ministry of National Defense has added 2.06 million square meters in Seongnam to the potential beneficiary areas. However, some residents have expressed dissatisfaction, as the redevelopment is limited to 12,000 households and relocation plans remain uncertain.

The Seoul apartment market also continued its upward trend for the 35th consecutive week, with the rate of increase expanding. The overall apartment sale price in Seoul rose by 0.27% compared to the previous week, up from a 0.19% increase in the fourth week of September.

In particular, riverside districts such as Seongdong-gu (0.78%), Mapo-gu (0.69%), Gwangjin-gu (0.65%), Gangdong-gu (0.49%), Songpa-gu (0.35%), and Yongsan-gu (0.47%) saw marked increases. Gwangjin-gu recorded its highest weekly growth rate since statistics began in May 2012.

Meanwhile, nationwide apartment sale prices rose by 0.06%, a slight increase from the previous week's 0.03%. The Seoul metropolitan area saw a 0.12% increase, while regional areas remained flat at 0.00%. The five major metropolitan cities continued to decline at -0.01%. Daegu has now recorded a decrease for 97 consecutive weeks, with a drop of -0.04%.