Apartments in Yeouido, including Gongjak, Mokhwa, and Sambu, which are facing reconstruction issues, are joining the line of reported record prices.
As demand for Yeouido reconstruction properties surges, homeowners who had put their apartments up for sale are raising their asking prices or withdrawing their listings.
According to the real estate industry on the 25th, the Sambu Apartment in Yeouido-dong, Yeongdeungpo-gu, Seoul, changed hands for 3.18 billion won for a 92-square-meter unit on the 18th of this month, marking an increase of 230 million won compared to the reported price two months ago.
The nearby Yeouido Shibeom Apartment also set new record prices this month, with a transaction of 2.75 billion won for a 79-square-meter unit, 2.355 billion won for a 60-square-meter unit, and 3.37 billion won for a 118-square-meter unit.
The Mokhwa Apartment in Yeouido also joined the record price march, selling a 89 to 90-square-meter unit for 2.9 billion won and a 49-square-meter unit for 2.1 billion won. The Gongjak Apartment in Yeouido recorded a transaction of 3.499 billion won for a 125 to 132-square-meter unit.
Real estate agencies in the Yeouido area have echoed that properties in the Yeouido reconstruction promotion complexes like Sambu, Gongjak, and Shibeom are selling quickly when they are listed.
An official from A real estate agency in Yeouido-dong, Yeongdeungpo-gu, Seoul, said, "Since this month, when properties come onto the market, prospective buyers are lining up to make appointments to view them," adding, "Even if homeowners raise their asking prices on the spot before a sales contract, buyers are still responding to the offers." In fact, the number of apartments for sale in Yeouido-dong has decreased by about 20% in a month.
According to the real estate data platform Asil, the number of apartment sales listings in Yeouido-dong, Yeongdeungpo-gu, Seoul, remained around 220 to 230 in May of this year, dropping to about 170 to 180 in June. On a daily basis, listings fell from 232 on May 24 to 179 on June 24, representing a decrease of about 23% in a month.
Mr. B, who runs a real estate agency in Yeouido-dong, stated, "Homeowners of Yeouido Mokhwa Apartments have all put their sales contracts on hold, so there are currently no listings," adding, "Most of the major apartments in Yeouido, including Sambu, Gongjak, Seoul, Sujeong, and Daekyo, have only about 1 to 3 listings remaining, and homeowners are even withdrawing their properties."
He noted, "Starting next month, the three-tier stress total debt service ratio (DSR) is set to be implemented, so it seems that demand is increasing from those looking to sell their existing apartments in other areas of Seoul to 'upgrade' to Yeouido apartments."