Gangnam Apartment Up 2 Billion Won, Property Tax Rises by 4 Million Won [Real Estate AtoZ]

The government has decided to maintain the current market reflection rates, which serve as the basis for calculating next year's officially assessed real estate prices, at the same level as this year. Instead, a new method for reflecting market prices will be developed through a research project that will run until next year. However, due to the sharp rise in housing prices this year, the property tax burden in key areas such as the three districts of Gangnam is expected to increase significantly. On the 13th, the Ministry of Land, Infrastructure and Transport convened the Central Real Estate Price Disclosure Committee to review and approve these measures. The market reflection rates will remain at 69.0% for apartment complexes, 53.6% for standard houses, and 65.5% for standard land, as in the current year. Under the Moon Jae-in administration, these rates were set to gradually increase, with targets of 80.9%, 70.0%, and 83.9%, respectively. However, the Yoon Suk Yeol administration a

Policy

11.14 11:02

SH to Offer Housing Sites in Wirye and Eunpyeong... Magok Support and Convenience Facility Sites to Be Sold on a First-Come, First-Served Basis

On November 14, the Seoul Housing and Communities Corporation (SH) announced that it will offer parcels of land for multi-family housing and single-family housing (Hanok) in the Eunpyeong District, as well as land for mixed-use development and single-family housing in the Wirye District. Support and convenience facility sites in the Magok District will be sold on a first-come, first-served basis. The Eunpyeong multi-family housing site (Block 3-13) and the Wirye mixed-use site (E1-1) are rare residential development sites within Seoul, and are expected to attract high competition among developers bidding for them. Eunpyeong Multi-family and Single-family Housing Sites: Applications Accepted via Onbid Starting November 19The Eunpyeong multi-family housing development site, Block 3-13 (22,987.2 square meters), is adjacent to Bukhansan National Park and is surrounded by a large neighborhood park, providing a pleasant residential environment. The expected supply price is 14.45 billion won,

General

11.14 11:02

Bukgajwa 6 District to Transform into 1,953-Unit Residential Complex as Redevelopment Project Gains Momentum [Real Estate AtoZ]

Bukgajwa 6 District is set to be transformed into a residential complex with 1,953 households, as its redevelopment project finally gains momentum after a decade. The Seoul Metropolitan Government announced on the 15th that it had convened the 11th Integrated Review Committee for Redevelopment Projects and conditionally approved the 'Bukgajwa 6 District Housing Reconstruction and Redevelopment Project' after conducting an integrated review across seven areas, including architecture and landscape.The site is located along the Bulgwangcheon Stream near Digital Media City Station, which is served by three subway lines: Line 6, the Gyeongui-Jungang Line, and the Airport Railroad. After being designated as a redevelopment zone in 2014, the project has accelerated since the establishment of an integrated review plan in June of last year. Through this project, a total of 1,953 households will be supplied in 16 buildings, each up to 34 stories above ground. A cultural park will be created alon

General

11.14 10:00

Yeouido Sibeom to Be Rebuilt with 2,493 Households... Public Pathways and Multi-Level Pedestrian Bridge Planned [Real Estate AtoZ]

The Yeouido Sibeom Apartments have finalized plans for reconstruction, with the new development set to reach up to 65 stories and accommodate 2,493 households. The project will include a multi-level pedestrian bridge connecting to the Han River and public pedestrian pathways within the complex, significantly improving access to the river. The Seoul Metropolitan Government announced on the 14th that the Yeouido Sibeom Apartments reconstruction project passed the review at the 11th Integrated Deliberation Committee for Urban Renewal Projects held the previous day. The Sibeom Apartments are located at 50 Yeouido-dong, Yeongdeungpo-gu, and were originally completed in 1971 as a complex with 1,584 households. The new Sibeom Apartments will be developed as a complex with enhanced accessibility to the Han River. A cross-shaped public pedestrian pathway will be established within the complex, creating a pedestrian network that connects the riverside and neighboring complexes. Public accessibi

General

11.14 10:00

"2,000 Sign in Two Days"... Controversy Grows Over Delayed 'Rail Network Plan' Announcement

The drafting of the 5th National Railroad Network Plan, which will serve as the blueprint for the nation’s railways over the next ten years (2026?2035), has become a key task for the new administration, while controversy is spreading over the delay in its announcement. This plan is the most closely watched issue in the rail sector, particularly due to the potential inclusion of the Greater Seoul Metropolitan Express Railway (GTX) lines D, E, and F, as well as the Southern Gyeonggi Metropolitan Railway. Claims have emerged in real estate communities that the announcement, originally expected by the end of this year, has been postponed to the first half of 2026, sparking an online petition campaign demanding its prompt release. The government has stated, “There has been no postponement to next year,” but there is growing skepticism about the feasibility of an announcement within this year.According to the real estate industry on the 14th, posts titled “Petition Campaign for the Governmen

General

11.14 07:00

One Month After the 10·15 Measures: Transactions Plummet, Listings Dry Up, but Yongsan and Seocho Surge [Real Estate AtoZ]

It has been a month since the government introduced the October 15 measures to curb the overheated housing prices in Seoul, but the market is moving in a direction different from what the government expected. Transaction volumes have plummeted, making the so-called "transaction cliff" a reality. However, in a paradoxical twist, housing prices in the Hangang Belt?the main target of the regulations?have seen their rate of increase expand even further. Hangang Belt: A 'Regulation-Free Zone' According to the weekly apartment price trend for the second week of November (as of November 10), released by the Korea Real Estate Board on November 13, the average sales price of apartments in Seoul rose by 0.17% compared to the previous week. The rate of increase was 0.02 percentage points lower than the previous week’s 0.19%. However, in the Hangang Belt, which was the focus of the new measures, the rate of increase actually expanded. In Yongsan District, the growth rate rose from 0.23% to 0.31%,

Trends

11.14 07:00

95-Year-Old Filipino Korean War Veteran Sings "Arirang"... HanmiGlobal Supports Home Renovation

HanmiGlobal, a company specializing in construction project management (PM), announced on November 14 that, together with the social welfare foundation Warm Companion, it had rebuilt and completed new homes for two Korean War veterans in Calamba City, Laguna Province, Philippines, and held a completion ceremony. Over 200 people, including officials from the Republic of Korea Army and local residents, attended the event. One of the veterans who received a new home, Mr. Florendo Benedicto (95), participated in major battles such as the Battle of Yultong during the Korean War. He expressed his deep gratitude by saying, "I sincerely thank the Republic of Korea for not forgetting us even after 70 years," and sang "Arirang" at the ceremony, showing his deep affection. Another beneficiary, Mr. Luis Lasco (94), sadly passed away earlier this year before the completion of the house. His family conveyed their appreciation, saying, "We thank you on behalf of our father, who spoke about Korea thro

Dev·Sales

11.14 06:00

Solaseado to Host 'AI Heart'... BS Industry and KEPCO KDN Sign Data Center Construction Agreement

BS Group is accelerating its entry into the new energy industry, with a focus on Solaseado in Haenam, South Jeolla Province. BS Industry, an affiliate of BS Group, announced on the 14th that it recently signed a business agreement with KEPCO KDN, a public enterprise specializing in energy information and communications technology (ICT), at BS Hanyang Tower in Songpa-gu, Seoul. The agreement aims to establish a distributed power grid and artificial intelligence (AI) data center based on renewable energy in Solaseado. The signing ceremony was attended by Kim Mankyeom, CEO of BS Industry, Park Sanghyung, President of KEPCO KDN, and other key officials from both companies. Under the agreement, the two companies will jointly build and operate a new AI data center within the Solaseado site and explore ways to utilize operational data from the Solaseado solar power plant. They will also work together to designate the Solaseado area as a special district for distributed energy. With KEPCO KDN

Dev·Sales

11.14 06:00

Riding the 'Out-of-Seoul' Demand and Price Cap Momentum... BS Hanyang Sujain Set for Third Consecutive Success in Pungmu Station Area [Real Estate AtoZ]

Gangnam Apartment Up 2 Billion Won, Property Tax Rises by 4 Million Won [Real Estate AtoZ]

SH to Offer Housing Sites in Wirye and Eunpyeong... Magok Support and Convenience Facility Sites to Be Sold on a First-Come, First-Served Basis

Bukgajwa 6 District to Transform into 1,953-Unit Residential Complex as Redevelopment Project Gains Momentum [Real Estate AtoZ]

Yeouido Sibeom to Be Rebuilt with 2,493 Households... Public Pathways and Multi-Level Pedestrian Bridge Planned [Real Estate AtoZ]

"2,000 Sign in Two Days"... Controversy Grows Over Delayed 'Rail Network Plan' Announcement

One Month After the 10·15 Measures: Transactions Plummet, Listings Dry Up, but Yongsan and Seocho Surge [Real Estate AtoZ]

95-Year-Old Filipino Korean War Veteran Sings "Arirang"... HanmiGlobal Supports Home Renovation

Solaseado to Host 'AI Heart'... BS Industry and KEPCO KDN Sign Data Center Construction Agreement

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