Since the Oct. 15 real estate measures were announced, eight of the 10 most-traded apartments in Seoul over a little more than a month were in Songpa District. Beating out the three major Jamsil complexes known as "Elite (Els, Lotte Castle Resiants, Trizium)," "Park Rio" in Sincheon-dong ranked No. 1 by transaction volume, while reconstruction and remodeling candidate complexes in the Garak and Munjeong-dong areas also saw more sales as end users flocked in.
According to real estate information platform Asil on the 25th, from Oct. 16 to Nov. 24, the apartment with the most transactions in Seoul was Park Rio, with a total of 28 transactions. It was followed by Lotte Castle Resiants in Jamsil-dong (23), Jamsil Els (23), and Helio City in Garak-dong (21).
It appears that end users flocked to Park Rio, where prices have risen relatively less compared with "Elite." Based on the 84-square-meter exclusive area, Park Rio's sale price is about 400 million to 600 million won lower than Elite. Park Rio is a large complex of 66 buildings and 6,864 households completed in 2008, and ranks second in KB leading apartment price aggregates (number of households × price) after Helio City, the largest complex in the country. A licensed real estate agent in Jamsil said, "Quite a few people who were going to buy Jamsil Elite are turning to Park Rio because the price is high," adding, "It is an apartment with clear advantages such as a large complex and proximity to a subway station."
Complexes in Songpa District slated for maintenance projects also saw an increase in transaction volume. "Olympic Family" in Munjeong-dong, "Garak Ssangyong 1st" in Garak-dong, "Munjeong Siyeong" in Munjeong-dong, and "Jamsil Jugong Complex 5" in Jamsil-dong recorded 18, 18, 17, and 14 transactions, respectively, ranking 7th, 8th, 9th, and 10th in transaction volume. Olympic Family aims to be transformed through reconstruction into up to 26 stories and 6,620 households. Garak Ssangyong 1st is pushing a remodeling project with the goal of obtaining business plan approval next year.
Experts say the reason for the many transactions in Songpa District is the impact of increased demand to buy a "smart single home." Nam Hyeok-u of the Woori Bank Real Estate Research Institute said, "Songpa District has many large apartment complexes, so the relative transaction volume is also high," and noted, "It is also a top-tier area where residents of Mapo and Seongdong most often trade up, and as home prices rise, the mood to buy a smart single home has strengthened, increasing trade-up demand."
Among apartments outside Songpa District that ranked in the top 10 by transaction volume were "Mok-dong Central I-Park Weave" in Sinwol-dong (19) and "Gwanak Dream Town" in Bongcheon-dong (18). Both complexes are considered good value listings, with sale prices around 1 billion won based on the 84-square-meter exclusive area.