It is getting harder to buy an 84-square-meter exclusive-use apartment for 1 billion won or less in Seoul's Eunpyeong District. After the flagship complexes in Eunpyeong New Town rose to around 1 billion won, large semi-new complexes in Eungam-dong are also nearing the 1 billion won mark. In newly built complexes in Nokbeon, Daejo, and Jeungsan-dong, even 59-square-meter units are topping 1 billion won, raising the price baseline in Eunpyeong, long considered one of Seoul's representative mid- to low-priced areas.
As of the 14th, according to the Ministry of Land, Infrastructure and Transport's actual transaction disclosure system and the real estate industry, 84-square-meter exclusive-use units in major Eunpyeong New Town complexes in Jingwan-dong have recently been trading in the 900 million to 1.1 billion won range. While major complexes in Sangnim Maeul continue to see transactions in the 900 million won range, an 84-square-meter unit at Parkseokgogae Hillstate changed hands for 1.19 billion won in May. In the Umulgol and Pokpodong areas as well, transactions in the 1 billion won range continue, centered on mid- to large-size units of 84 square meters or more.
Eungam-dong, which had relatively less price pressure, has also neared the 1 billion won line. For large semi-new complexes such as Baengnyeonsan SK View i-Park and Baengnyeonsan Park Xi, 84-square-meter exclusive-use units are mostly seeing transactions in the 800 million to 900 million won range. Some listings in preferred buildings and floors are on the market at around 1 billion won. Its proximity to Nokbeon-dong and convenient access to the Gwanghwamun and Sangam business districts are cited as advantages.
In newly built and semi-new complexes in Nokbeon-dong, even 59-square-meter exclusive-use units have surpassed 1 billion won. A 59.938-square-meter unit at Hillstate Nokbeon was reported traded for 1.27 billion won, and a 59.99-square-meter unit at Bukhansan Prugio also sold for 1.095 billion won. A 84.95-square-meter unit at Raemian Bella Hills traded for 1.4 billion won.
New apartments ahead of move-in are also pushing up the upper end of prices in Eunpyeong. Hillstate Mediale, a 2,451-household complex redeveloped from the Daejo 1 district, is set for occupancy in Oct. Last month, pre-sale rights for 59-square-meter exclusive-use units transacted in the 1.1 to 1.2 billion won range, and 74-square-meter units entered the 1.3 billion won range.
The DMC area in Jeungsan-dong is pricier than other parts of Eunpyeong. At DMC Central Xi, 59-square-meter exclusive-use units are around 1.5 billion won, and 84-square-meter units are trading in the 1.7 billion won range. An 84-square-meter unit changed hands for 1.76 billion won in Feb., cementing the complex as a flagship high-priced property in Eunpyeong.
Another factor behind rising transactions in Eunpyeong is that demand shifted to the outer parts of Seoul, where there are many mid- to low-priced dwellings, after loan regulations. According to the court's Registry Information Plaza, in the first half of this year there were 3,050 applications for ownership transfer registrations due to sales of collective buildings in Eunpyeong, up 56.7% from the same period last year. That was the third most among Seoul's 25 districts, after Gangseo and Nowon. Collective buildings include apartments, row houses, multi-family units, and officetels.
Expectations also continue for the Great Train Express (GTX)-A and large-scale redevelopment projects. At Yeonsinnae Station, GTX-A is linked to the existing Subway Lines 3 and 6, elevating it as a regional transit hub in northwestern Seoul. With the Seoul Station–Suseo section connected and through service starting between the north and south sections, access to the Gangnam area is also expected to improve. However, the opening schedule for the central section could change depending on construction progress.
Following the Daejo 1 district, large-scale maintenance projects are also underway in areas such as the Galhyeon 1 district and Bulgwang 5 district. The Galhyeon 1 district is being pushed for development into an apartment complex with more than 4,000 households, and the Bulgwang 5 district into one with more than 2,000. When large new complexes go up in Yeonsinnae, Bulgwang, Daejo, and Galhyeon, prices of nearby older and semi-new complexes could also be reassessed.
Nam Hyeok-woo of Woori Bank's Real Estate Research Institute said, "Eunpyeong is a residential area around 1 billion won where access to loans is relatively better within Seoul, so interest from end-user buyers in their 20s and 30s without homes could continue," adding, "With maintenance projects underway in various places and expectations for improved regional transit networks, steady demand for dwellings is anticipated."