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59㎡ small and medium apartments dedicated to the outskirts of Seoul join the ‘billion won club’. With the introduction of new lease protection laws, like the contract renewal application system, the demand to “buy my house even if it’s smaller” is increasing as rents skyrocket. Experts are concerned that the price of 59m2 apartments for exclusive use in the suburbs of Seoul, which are mainly visited by younger generations such as newlyweds, could rise dramatically, potentially intensifying housing insecurity among ordinary people.
◆ Prices for small apartment houses on the outskirts of Seoul, such as Seongbuk, Geumcheon, Gwanak-gu, etc.
According to the actual transaction processing system of the Ministry of Land, Infrastructure and Transportation on the 16th, 59th dedicated to ‘Billing’ in Gwangjang-dong, Gwangjin-gu, updated the reported price to 1.65 billion won on the 28th. of last month. 70 million won jumped from the previous highest price of 995 million won. For the first time, the price of 59 square meters of this complex has exceeded 1 billion won. A K-authorized official in Kwangjang-dong said, “As the total price has increased by billions of units, the number of people looking for small and medium types of housing with relatively low house prices has increased significantly.” “The 59㎡ price for this complex has risen to 1.13 billion won.”
Even in areas with good access to the city center, such as Gileum New Town, Seongbuk-gu, prices for small and medium-sized apartments are skyrocketing. The 59.9m2 for the ‘Gileum New Town 8 Complex’ in Gileum-dong was recently reported for 1 billion won on the 30th of last month. It is a type of house that was traded for 910 million won in October. A certified official in Seongbuk-gu said: “Prices for both trade and charter are generally increasing, focusing on Gil-eum New Town.” “In particular, inquiries about purchases of complexes near the Gil-eum station of metro line 4 have increased significantly. The 59㎡ contract for ‘Gangseo Hangangzai’ in Gayang-dong, Gangseo-gu, was signed on the 16th last month for 1.99 million won. After the change of hands to 1.060 billion won in October, 39 million won increased.
Even in Geumgwan-gu (Geumcheon, Gwanak, Guro), where housing prices are relatively low, the number of exclusive 59m2 apartments with a 1 billion won mark is increasing. The 59th dedicated to ‘Geumcheon Lotte Castle Gold Park 1st’ in Doksan-dong, Geumcheon-gu, registered a new price of 973 million won on the 3rd of last month. After trading at 910 million won in August, it has risen steadily, according to officials at major brokerage firms. The 60th dedicated to ‘Donga 3’ in Sindorim-dong, Guro-gu, also registered 995 million won last month, and is about to join the billion-dollar club. In Gwanak-gu, a 59 B dedicated to Bongcheon-dong’e-pyeonhansesang, the second entrance to Seoul National University, was sold last month at a price of 1.1 billion won.
◆ As Jeonse’s crisis drags on, the demand for my house increases
The volume of apartment transactions on the outskirts of Seoul is also increasing. According to the Seoul Real Estate Information Plaza, the number of apartment transactions in Seoul last month was 4,984, significantly exceeding the transaction volume in October (4,367). By region, the number of apartment transactions in Guro-gu was 400, 70.9% more than the previous report (234), the largest increase in transaction volume in Seoul. The suburban shopping trend was hot, including 41.2% in Geumcheon-gu (68 cases → 96 cases), 35.2% in Seongbuk-gu (162 cases → 219 cases) and 21.4% in Dobong-gu (201 cases → 244 cases). Considering that the submission deadline (30 days after the contract is signed) is still approximately two weeks, the increase is expected to increase further.
With the recent overheating of the housing market, the price of apartments in major metropolitan cities in the region is approaching 1 billion won. According to the Korea Real Estate Agency, the supply and demand index for apartment sales in Seoul registered 102.2 on the 7th, 2 points higher than a week ago (100.2). If this index (based on 0 to 200) is higher than the baseline of 100, it means that there are more people who will buy a house than who will sell it.
Experts predicted that the rise in prices for small and medium-sized apartment houses will continue for some time as renters turn to buying due to the prolonged cheonsei crisis under the new lease protection law. In particular, there are concerns that the price of a 59m2 apartment exclusively for the outskirts of Seoul, which is in high demand for the first time to build a home, will exceed 1 billion won, which may increase the feeling of anxiety among consumers.
Dongguk University Adjunct Professor Ko Jun-seok said: “As the jeonse crisis has not been clarified, the number of homeless people in their 30s is increasing to buy even small and medium apartments through ‘ Young Kul ‘”. Said.
Reporter Jang Hyun-joo [email protected]
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