Last year, the area with the highest increase in sales prices among apartment complexes in Seoul was the complexes in Apgujeong-dong, Gangnam-gu. There are even complexes where sales prices increased by nearly 30% within a year. Analysts believe the rise in home prices was influenced by expectations for reconstruction, combined with the demand from multi-homeowners seeking a 'solid one unit.'
According to the 3rd of the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, the average sales price of apartment complexes in Gangnam-gu, Seoul, increased by 12.463% last year compared to the previous year. This is the highest rate of increase compared to other districts, such as Seongdong-gu (10.749%) and Yeongdeungpo-gu (10.532%).
Among the complexes in Gangnam-gu, Apgujeong-dong has the highest rate of increase. Five out of the top 10 complexes with the highest rate of increase in Gangnam-gu are located in Apgujeong-dong. Most complexes saw a nearly 20-30% increase in the average sales price per 3.3 square meters, and several locations exceeded 100 million won per 3.3 square meters.
By complex, Hyundai 1st had the highest rate of increase in Gangnam-gu. The average sales price per 3.3 square meters rose by 28.49% to 106.45 million won from 82.84 million won the previous year. Located near 369 Apgujeong-dong, the complex consists of 960 units across 13 buildings, with a maximum height of 15 floors. Apgujeong District 3, which includes Hyundai 1-7, 10, 13, and 14, is pushing for reconstruction with plans for a maximum height of 70 floors and 5,000 units. A unit with a dedicated area of 196 square meters (9th floor) was sold for 9 billion won last July, setting a new record high.
Additionally, Shin Hyundai 9th saw an increase of 25.28% in its average sales price per 3.3 square meters (86.03 million won to 107.79 million won), while Hyundai 14th (21.07% from 100.93 million won to 132.39 million won), Hanyang 4th (20.26% from 79.96 million won to 96.16 million won), and Hyundai 13th (18.14% from 88.13 million won to 101.4 million won) also showed high rates of increase.
Experts analyze that the continuous rise in sales prices of the complexes in Apgujeong-dong is influenced by expectations for reconstruction and the concentration of demand for 'solid one unit' amid regulations on multi-homeowners.
Ham Young-jin, head of the real estate research lab at Woori Bank, noted, "Many complexes in Apgujeong-dong are currently promoting reconstruction with formed associations, and it is an establishment along the Han River with plans to build super high-rise buildings, so the expectations are reflected in the sales prices."
Kim Je-kyung, head of Toomi Real Estate Consulting, said, "Concerns that regulations on multi-homeowners may be strengthened again after the impeachment crisis have also affected the rise in sales prices of the complexes in Apgujeong and others with so-called solid one unit, attracting investments from asset holders."
Go Min-jung, the representative of Gold Realty Real Estate Brokerage Corporation, explained, "The atmosphere in the area suggests that the speed of the reconstruction project may proceed faster than expected, especially around some complexes such as Shin Hyundai, where record high sales prices are appearing, and owners looking to sell are either raising their asking prices or delaying the timing of sales."