The rise in house prices in Gangnam, Seoul, triggered by the reconstruction of Apgujeong, spread to major new apartments. This is because the relative attractiveness of Seoul has increased as the whole country is grouped into a regulated area, and it is calculated that it is better to have it in Gangnam if you are going to have a’smart single house’ due to the strengthened regulation of multi-homed people.
According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 24th, a contract was made for 4.45 billion won (28 floors) for a 112.99㎡ (45 pyeong) exclusively for `Acro River Park (photo)` in Banpo-dong, Seocho-gu on the 1st of this month. It is a reported price that is 600 million won higher than the previous high (3.85 billion won). Following the breakthrough of 100 million won for small and medium-sized vehicles per 3.3 square meter, the 40 pyeong area also reached 100 million won.
In September, Acro River Park exceeded 100 million won per pyeong with an actual transaction price of 3.59 billion won (11th floor) for 84 square meters. The exclusive 59㎡ was also traded for 2.4 billion won (20th floor) in the same month.
This is the effect of the proliferation of purchases in the Gangnam area from reconstruction to major new complexes. An official from the Korea Real Estate Agency analyzed that “as the purchase trend increased, mainly in the maintenance project promotion complexes and mid-low-priced complexes, the price of apartments in major complexes in the Gangnam area rose.”
The epicenter of the recent re-rise of house prices in the Gangnam area is the area around Apgujeong-dong, where the reconstruction promotion was visualized. As apartments in these areas are speeding up the reconstruction project to avoid the two-year mandatory regulation of real-time residence, the number of transactions for rebuilding apartment reports is continuing. On the 23rd, only one day, reports were reported in two places, including Shin-Hyundai 11th and Hanyang 3rd, and the actual transaction was registered in the public system.
The 183.41㎡ dedicated to the 11th new Hyundai was changed for 4.9 billion won (10th floor) on the 15th, up 260 million won from the previous year. The 116.94㎡ for exclusive use of Hanyang 3rd also signed a contract for 2.9 billion won, up 100 million won from the previous high. In Seocho-gu, 139.74㎡ of Shindong-a, Bangbae-dong, 40 years before completion, recorded 1.78 billion won (2nd floor) in May and there was no transaction for more than 6 months. It rose 670 million won.
As the reconstruction-oriented buying trend shifted to major new constructions, the’seller advantage market’ gradually strengthened. According to KB Real Estate Liveon, the purchase advantage index in 11 districts in Gangnam recorded 110.6 as of the 14th of this month, the highest since August 17th (111.5).
Although major reconstruction projects have progressed, the recent upward trend in the Gangnam area is largely due to the’reverse balloon effect’. Last week, the government designated 59 new regulated areas, which in fact bound the whole country as regulated areas. In this process, Gangnam, which had been undervalued due to regulations, received attention, and funds that went out to the provinces were gathered back to Gangnam.
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