“Commuting to Gangnam is easy and housing is cheap”… A neighborhood crowded with young couples

“Many young parents with children who want to move to Seoul are looking for them,” “There are many houses under 900 million won that can receive special housing loans.” (real estate agents in the Bongcheon-dong area) Apartments in Gwanak-gu, Seoul are in the spotlight

. This is because the number of consumers seeking to enter Seoul from Incheon and the Gyeonggi area is increasing and they are looking for houses. As two-thirds of sales are being purchased by outsiders, house prices and rental and monthly rent prices are rising at the same time. Locally, it is believed that “this is due to the demand to enter the outskirts of Seoul with low barriers to entry.”

According to the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system on the 5th, 84㎡ exclusively for ‘Gwanak Dream Town’ in Bongcheon-dong, Gwanak-gu, Seoul was sold for 900 million won last July, and a transaction was concluded last month for around 850 million won. Compared to last April when it was traded at 750 million won, it is an increase of 150 million won in just three months. The exclusive 59㎡ unit was also traded for 750 million won last month, an increase of about 100 million won in 4 months.

Local real estate agents say that there has been an influx of young people who want to live in the area. An official from real estate agent A in Bongcheon-dong explained, “Gwanak Dream Town is currently the largest complex in the Gwanak-gu area and is considered the complex that leads apartment sales prices in the area.” He added, “It is highly preferred by parents as elementary, middle, and high schools are all close by.” . In fact, over the past three months (May to July), the largest number of buyers (excluding others) in Gwanak-gu were in their 30s.

As demand increased, the asking price also rose. The asking price for an exclusive 84㎡ unit, called ‘national pyeong’, also exceeded 900 million won.“It has reached hundreds of millions of won, and since homeowners are not lowering their asking prices, the price is likely to continue to rise in the future,” he said.

The reason why housing prices in Gwanak-gu’s representative complexes rose so much was because of demand from outsiders. According to the Korea Real Estate Agency’s monthly analysis of apartment sales transaction status by buyer’s residence, transactions by outsiders for apartments in Gwanak-gu, Seoul in June last year accounted for 68.4% (197 cases) of the total (288 cases). Compared to 30 apartment purchases by outsiders in May, a month ago, this has increased more than six times.

Gwanak-gu was confirmed to have the largest proportion of purchases by outsiders in Seoul last June. In the same month, Gwanak-gu was followed by Gangbuk-gu (84 cases, 67.2%), Jungnang-gu (82 cases, 57.3%), Gangdong-gu (80 cases, 31.2%), and Songpa-gu (75 cases, 25.4%). Gwanak-gu’s rate was significantly higher than the average purchase rate by outsiders in Seoul during this period, which was 28.5% (1,180 out of 4,136 total).

Regarding demand from outsiders, the interpretation is that actual demand and investment demand are half and half. Certified real estate agent C in Bongcheon-dong said, “House prices in Gangnam have already turned upward, and there is demand from outside the region to enter even areas with low barriers to entry.” He added, “How many large-scale apartments in the Gangnam area are easy to commute to and meet the conditions for receiving special housing loans?” “Is that possible?” he said. He also said, “There are quite a few single-home owners who bought about 300 to 400 million won through jeonse,” adding, “They are expecting a market profit, but (since their existing houses are not selling), they are seeing it as a process to enter Seoul . ” .

Nearby complexes are also experiencing an upward trend. Bongcheon-dong ‘s ‘e- Pyunhan World Seoul National University Entrance Complex 2’ (1,531 households) exclusive use of 84㎡ was traded for 1.15 billion won last month, an increase of more than 200 million won compared to 940 million won in February. The exclusive 84㎡ unit of ‘Byuksan Blooming’ (2,105 households) in the same building was traded for 795 million won last month. This is an increase of 80 million won compared to the same complex sold for 715 million won in July, a month ago.

According to the Korea Real Estate Agency, apartment prices in Gwanak-gu turned upward, rising 0.01% in the second week of July (as of the 10th). After stopping the decline for the first time in 1 year and 5 months since February of last year, it continues to rise.

Jeonse prices are also on the rise. According to the Ministry of Land, Infrastructure and Transport’s actual transaction price system, a new lease contract for 84㎡ exclusively for Gwanak Dream Town was signed last month for 520 million won. Compared to the new lease contract signed for 370 million won last February, it has increased by 150 million won in 6 months. Nearby real estate agents agreed that the current rental price for an exclusive 84㎡ area is 500 to 550 million won, and there are no properties for sale in the 400 million won range.

Yeo Kyeong- hee, a senior researcher at R114 Real Estate, said, “As apartment prices in Seoul turn to an upward trend, the demand to move into the outskirts of Seoul has increased. Apart from Gwanak-gu, apartments under 1 billion won can be found in Nowon-gu, Dobong-gu, and Gangbuk-gu, so in addition to price, Gwanak-gu is a popular choice. “The favorable transportation factors and location advantages played a role,” he said.

Meanwhile, Gwanak-gu is close to Seoul Subway Line 2, and the transportation network was further improved with the opening of the Sillim Line in May last year. The Sillim Line is a light rail line that connects Gwanaksan 먹튀검증(Seoul National University) Station to Yeouido Saetgang Station. You can transfer to Daebang Station on Subway Line 1, Sillim Station on Line 2, Boramae Station on Line 7, and Saetgang Station on Line 9. The opening of the Western Line light rail is also scheduled in the future. The Western Line light rail connects Saejeol Station (Line 6) to Yeouido and Seoul National University Station (Line 2). If construction begins within this year, it is expected to be completed in 2029.

Area maintenance projects are also worth noting. Bongcheon District 4-1-3 housing redevelopment project (855 households) is scheduled. An emerging residential town with approximately 9,000 households will be created, including Gwanak Dream Town and Byeoksan Blooming. Due to various development factors, subscriptions in the Gwanak-gu area were popular for each complex. The first-prize application for ‘Seoul National University Venture Town Station Prugio’ in Sillim-dong, Gwanak-gu, held last July, recorded an average competition rate of 31.1 to 1 (3,080 applications for 99 households). This month, ‘Hillstate Gwan Accent CL’ (997 households) will be newly supplied in Bongcheon-dong, Gwanak-gu.






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