In Seoul's northern districts, examples are piling up of the so-called national standard 84-square-meter apartments being priced above 1.5 billion won. Supplied in the 1.4 billion-won range in Nowon District at the end of 2024 and criticized for high pricing at the time, Seoul One I'Park has become relatively inexpensive in less than two years. The prices of major complexes to be supplied in northern Seoul are also being discussed at around 1.5 billion won.
According to the housing sales industry on the 31st, the top presale price for the 84-square-meter units at Wolgye Jungheung S-Class Riviere, sold in Wolgye-dong, Nowon District, in July this year, was 1,499.1 million won. It is effectively a 1.5 billion won price.
In June, Jangwi Prugio Mark One, supplied in Jangwi-dong, Seongbuk District, had a top presale price of 1,765.7 million won for its 84-square-meter units. Because the complex is not subject to the presale price cap, its average presale price exceeded 50 million won per 3.3 square meters.
Compared with just two years ago, the steep rise in northern Seoul's presale prices stands out. In Nov. 2024, the presale price for 84-square-meter units at Seoul One I'Park in Nowon District ranged from 1,281 million won to 1,414 million won. Although it sparked controversy as the highest presale price in Nowon, Dobong, and Gangbuk districts at the time, prices have fallen compared with recently supplied complexes.
The presale price of Bukseoul Hanulchae Signif in Beon-dong, Gangbuk District, which is preparing for a second-half launch, is also drawing attention. It will rise on lots 429-114 in Beon-dong, Gangbuk District, with two basement levels to 35 above-ground floors, 13 buildings, and a total of 1,242 households. Of these, 534 will be for general sale. Built by Kolon Global, the presale price for the 84-square-meter units is being discussed at around 1.5 billion won. However, the specific sales schedule and prices have not been finalized.
The redevelopment of Baeksa Village in Junggye-bondong, Nowon District, is also cited as a key site that will show the trend of northern Seoul presale prices. Known as Seoul's last hillside shantytown, Baeksa Village was designated a maintenance zone in 2009 and drifted for a long time before a revised maintenance plan was finalized last year.
If the current plan proceeds, there will be up to 35 floors across 26 buildings, totaling 3,178 households. Of these, 2,613 will be for sale and 565 will be rentals. Industry watchers see a possibility that the general presale price for 84-square-meter units will be set around 1.5 billion won. However, an SH official said, "The sales schedule and presale prices have not yet been finalized."
The rise in northern Seoul presale prices is seen as the combined effect of increases in construction costs, labor costs, and land costs. As Seoul apartment prices climbed, the price expectations of subscription applicants for presales also changed, affecting the market.
Park Ji-min, head of Wolyong Subscription Research Institute, said, "Presale prices have risen sharply over the past three years," and noted, "The uptrend will continue, but the pace of increase may become somewhat more moderate than before."
Lee Eun-hyeong, a research fellow at the Korea Construction Policy Institute, said, "Land costs and construction costs keep rising, and import prices are also increasing," and added, "At present, it is hard to find factors that would bring down presale prices."