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‘Hyundai 1st and 2nd Apartments’ in Apgujeong-dong, Seoul, where prices are skyrocketing due to reconstruction. Hankyung DB
National apartment prices are rising again. The reported transactions are carried out independently of Seoul Gangnam and Gangbuk, regional metropolitan cities and small and medium-sized cities. This week, the rate of increase in apartment prices across the country reached 0.27%, the highest since May 2012, when the statistics began. The government announced ’11 .19 real estate countermeasures’ last month, which included the additional designation of areas subject to adjustment, but the increase has not diminished. The jeonse crisis from the application of the new rental protection law, the ‘balloon effect’ in unregulated areas and the expectation of reconstruction are working in combination, raising the price of housing.
○ Increase and spread of Apgujeong reconstruction
In Seoul, Apgujeong Hyundai Apartment Complex, the owner of Gangnam Reconstruction, leads the market. As 5 of the 6 Apgujeong districts met the requirements for association establishment (more than 75% of the residents’ consent rate), the highest prices are rising in anticipation of reconstruction.
Apgujeong Hyundai Motors’ exclusive area of 160 square meters was traded at a reported price of 4.28 billion won last month. It jumped 80 million won from the price of the previous transaction. The new Hyundai ninth only 111㎡ last month sold for 2.8 billion won, the Hyundai seventh only 245㎡ last October 6.7 billion won, breaking the reported price. A certified official in Apgujeong-dong said, “There have been more than 30 transactions in the last two to three weeks,” and “The sale price has increased by more than 100 million won from last month, and we continue to request the purchase”.
Apgujeong’s rise is spreading through Gangnam. The 156th dedicated to I-Park Samsung in Samseong-dong, Gangnam-gu was recently changed to 4.49 billion won. It increased by 390 million won from the price of the previous transaction. The 198m2 commercial price for Raemian Firstage in Banpo-dong, Seocho-gu also posted a reported price of 4.8 billion won.
According to the ‘weekly apartment trend’ released on the 10th by the Korea Real Estate Agency (formerly the Korea Appraisal Board), the rate of increase in apartment prices in Gangnam-gu in the first week of this month (as of day 7) registered 0.05% compared to the previous week. It increased 0.01 percentage points from the previous week. The widths of Songpa-gu (0.04%) and Seocho-gu (0.03%) were also large.
As reported prices for mid-to-low priced apartments continued, the non-Gangnam regions of Nowon-gu (0.05%), Dongdaemun-gu (0.04%) and Gwangjin-gu (0.04%) ) were also strong. Apartment prices in Seoul showed a 0.03% increase for two consecutive weeks. An official from the Real Estate Agency said: “The purchase tax flows mainly in areas where there is an expectation of progress in maintenance projects such as Gaepo, Apgujeong and Sanggye, and mid-range to low-end complexes.”
○ In rural areas, the ‘balloon effect’ increases
In rural areas, the balloon effect is manifesting itself in areas close to regulation. As Haeundae, Suyeong, Dongnae, Yeonje, Nam-gu and Suseong-gu, Daegu were designated as target areas for adjustment on the 19th of last month, prices for apartments in the neighborhood are skyrocketing. House prices in provincial cities rose 0.50% this week, registering the highest rate in history.
In Busan and Ulsan, there are even resorts that generated nearly 200 million won in one week. Representatives include Gangseo, Saha and Busanjin-gu, Busan, who avoided designating areas subject to adjustments. The 116th dedicated to ‘Queendom 1st Lincoln Town’ in Myeongji-dong, Gangseo-gu, was traded at a price of 535 million won on the 18th of last month. The 84th dedicated to ‘Dadae Lotte Castle Blue’, which sold for 390 million won on the 18th of last month, found a new owner for 500 million won on the 2nd. In Ulsan, 84 square meters dedicated to ‘Bunyeong- ro Doosan We ‘in Yaeum-dong, Nam-gu, sold for 774 million won early last month, topping 700 million won. On the 21st of last month, two weeks later, the contract for 860 million won was signed.
The 146th dedicated to ‘Sanginzai’ in Sangin-dong, Dalseo-gu, Daegu, was written for a 760 million won sales contract in October, but was changed to 960 million won last month. The 84th dedicated to ‘Hyundai I-Park’ in Yucheon-dong, Dalseo-gu, changed hands for the reported price of 650 million won on the 5th, and jumped 90 million won in a month. Professor Kwon Dae-jung from the Department of Real Estate at Myongji University said: “The price of apartments near the regulated area is already forecast to skyrocket. If we do not solve the fundamental problem of shortages, the balloon effect will continue to appear. “
Reporter Eunji Shim / Yeonil Jeong [email protected]
