“Back to Seoul”… Stronger house prices in remote areas due to the’backward balloon effect’
Changdong Jugong 19 Complex 1,500 million won deal
All 25 autonomous districts in Seoul exceed 1 billion
In Dobong-gu, Seoul, the price of an exclusive 84㎡ apartment exceeded 1 billion won. In all 25 autonomous districts in Seoul, apartment prices have exceeded 1 billion won. View of Apartment in Dobong-gu/ Source = Hankyung DB
The price of an 84m2 apartment for exclusive use in Dobong-gu, Seoul, exceeded 1 billion won. As a result, apartment prices have exceeded 1 billion won in all 25 autonomous districts in Seoul. This is because of the’inverted balloon effect’ that demand returned to Seoul as the nationwide house prices rose.
According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 28th, a contract was made for a sale of 84㎡ for exclusive use of’Jugong 19 Complex’ (Changdong River Town) in Chang-dong, Dobong-gu, Seoul, for 1.5 billion won (15th floor) on the 22nd. It is about 145 million won higher than last December (950 million won). It is the best transaction price in Dobong-gu based on 84㎡ exclusive use.
Dobong-gu’s membership in the ‘1 billion club’ was scheduled. On December 23, last year, 84m2 for’Dong-a Cheongsol’ in Chang-dong was sold for 999 million won (9th floor). In addition to Jungnang-gu, Nowon and Gangbuk-gu, apartments with a dedicated area of 84 square meters surpassed 1 billion won one after another from June to July last year.
Dobong-gu is one of the Nodo Rivers (Nowon Dobong Gangbuk), which is called the outskirts of Seoul, and was one of the densely populated residential areas where ordinary people could afford a house at a relatively low price. Actually, according to KB Real Estate, as of December last year, it is the only area with less than 20 million won among 25 autonomous districts in Seoul, with a supply area of 193,000 won per 3.3㎡ of supply area.
However, in Seoul last year, the’reverse balloon effect’ appeared in the outskirts of the city, resulting in an increase in house prices. As the balloon effect spread to the provinces, the phenomenon of consumers coming back to Seoul began to appear. As the new lease law came into force, even tenants joined the ranks of my house arrangements, and house prices rose. According to KB Real Estate, apartment prices in Nowon-gu rose by 21.28% last year, followed by Gangbuk-gu (17.08%) and Guro-gu (16.4%).
Real estate brokerages in Dobong-gu area/ Source = Hankyung DB
In the outskirts, the increase in transaction volume is also remarkable. According to the Seoul Real Estate Information Plaza, the volume of apartment transactions in Seoul last month was 7444, up 17.2% from the previous month (6351). During the same period, Geumcheon-gu increased to 120% (116 → 256 cases), Gangbuk-gu 49.5% (107 → 160 cases), Gwanak-gu 22.9% (179 → 220 cases), and Nowon-gu 26.1% (620 → 782 cases). Dobong-gu-gu also increased by 18.6% from 201 to 357 cases, up 47.5% from October to November. As the number of reporting days remains, the transaction volume is expected to increase further.
Meanwhile, the proportion of apartments exceeding 900 million won in Seoul this year surpassed half for the first time. According to Real Estate 114, the number of apartments exceeding 900 million won in Seoul amounted to 6,63291 households, accounting for 51.9%, more than half. Seocho-gu (95%) had the most apartments exceeding 900 million won, followed by Gangnam (94%), Yongsan (90%), Songpa (89%), and Seongdong (85%). Dobong (4%), Gangbuk (5%), Jungnang (7%), and Nowon (8%) had a low share of expensive apartments, but the ratio is expected to increase due to the recent rise.
Hankyung.com reporter Kim Hana [email protected]
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