In the real estate market, apartments that maximize service area are gaining popularity. As changes in residential culture have reshaped the concept of a home from a simple living space into a place where various activities take place, demand is rising for homes that are wider and more comfortable.
Service area refers to spaces like terraces or balconies that are not included in the exclusive, supply, or contract area. While it is not reflected in the calculation of the sale price, it can in practice expand living space through interior extensions, so the larger the service area, the larger the perceived area and the lower the effective sale price per pyeong. For this reason, end-users prefer it because they can live in a larger home for the same price.
According to the construction industry on Mar. 6, one design that has especially drawn recent interest from buyers is the "three-sided balcony." It adds a side balcony to the typical two-sided open balcony, and when expanded, it significantly increases indoor space. The expanded area can be used as a large dressing room, an extra room, or a pantry, offering excellent space utilization.
That is not all. In apartments, the larger the balcony design, the greater the effect on increasing the apartment's value. Hana Financial Research Institute analyzed in its report "The Economics of Balconies" that, based on an apartment with an average of 6 million won per square meter of exclusive area, expanding a balcony from 15㎡ to 30㎡ yields an increase in residential value of about 75 million won.
As a result, in the sales market, demand is concentrating on complexes with three-sided balcony designs, pushing prices higher. According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, the 59㎡A exclusive type (with a three-sided balcony) at Gwangmyeong Station Central Xi in Iljik-dong, Gwangmyeong, Gyeonggi Province set a new record price at 1.22 billion won on Jan.
Terraces are also cited as a representative popular feature. A terrace with a large service area can be used as a home cafe, home gym, or home office, and offers a wide-open sense of openness, making it highly favored. This trend is also evident in the subscription market.
In May last year, the 142㎡P exclusive type at Dongtan Forepark Jayeon&Prugio in Dongtan 2 New Town, Hwaseong, Gyeonggi Province drew attention for its layout featuring three terraces and recorded a first-priority average competition rate of 284.33 to 1. That is more than four times the complex's first-priority average competition rate of 68.69 to 1.
Also in the same year, at Sejong 5-1 Yangwoo Naean-ae Aspen in Sejong, the 84㎡P exclusive type with a terrace posted a competition rate of 134.5 to 1, far exceeding the complex's average competition rate of 12.04 to 1.
An industry official said, "As demand grows to enjoy hobbies and leisure at home, and as the preference for one solid home rises, perceptions of the 'width' of living space have changed significantly," adding, "Complexes with large service areas such as terraces or three-sided balconies offer outstanding perceived area and usability, and will continue to draw steady interest."
Amid this, the presales market is seeing the supply of new complexes that maximize usable space, such as three-sided balconies and terraces, drawing attention. GS Engineering & Construction plans to launch sales in Mar. for Changwon Xi The Sky in Jungang-dong, Seongsan District, Changwon, South Gyeongsang Province. The project will have five basement levels and up to 49 floors above ground, four buildings, and a total of 519 units of 84㎡ and 106㎡ exclusive types, of which 509 units will be offered for general sale, excluding 10 units (84㎡E type) for contributed acceptance.
The complex applies three-sided balconies to all units to maximize perceived area when expanded indoors, and features differentiated specialty designs such as a 2.4-meter ceiling height to further enhance spatial openness. In particular, the high-end sky lounge Club Cloud on the top 49th floor will offer expansive city views, and together with a variety of community facilities, is expected to further highlight the complex's landmark value.
GS Engineering & Construction has also applied a three-sided balcony design to Suji Xi Edition, now on sale in Pungdeokcheon-dong, Yongin, Gyeonggi Province. The complex will consist of three basement levels to 25 floors above ground, six buildings, and a total of 480 units (84–152㎡ exclusive), and will introduce specialty community amenities such as a sky lounge and guest house.
At Songdo Hannel Central River, now on sale in Songdo International City, Incheon, Yuseung Construction has applied a three-sided balcony design to provide an even larger living space. The complex will consist of one basement level to 29 floors above ground, six buildings, and a total of 501 units, with all units configured as the single 84㎡ exclusive size that buyers prefer most.
In addition, Laon Construction plans to introduce terrace designs in some units of Yongin Platform City Laon Private Ardie (a total of 238 units), to be unveiled in Mar. in Giheung District, Yongin, Gyeonggi Province.