Additional Sale in the Same Apartment... Sale Price Increased by 250 Million Won

Gyeonggi Anyang-si 'Pyeongchon Xi I-Park'
Additional Units for Sale on Site of Cancelled School Construction

Speculative Overheating Zone but Price Ceiling Not Applied
Local Market Prices Soar Sharply in 2 Years, Sale Prices Rise Significantly

[Asia Economy Reporter Kim Hyemin] It has been confirmed that the sale price of an apartment in Anyang-si, Gyeonggi-do, increased by as much as 250 million KRW over two years during the additional sale process. Anyang is a high-priced sale management area, and the significant rise in housing prices during that period appears to have influenced the sale price as well.

According to the Korea Real Estate Board's Subscription Home on the 4th, Pyeongchon Xi I-Park in Bisan-dong, Dongan-gu, Anyang-si, will begin subscription for 100 units of 84㎡ (exclusive area) starting from the 11th. This apartment has already started occupancy since December last year, and due to the cancellation of the school construction plan, the sale of additional units to be built on the site is now being conducted. This is the first additional sale in over two years since December 2018.

What draws attention is the sale price. At the time of sale in 2018, the price was about 19.48 million KRW per 3.3㎡, but it surged to an average of 26.99 million KRW. Based on the highest price for 84㎡, the sale price rose from 679.82 million KRW to 923.6 million KRW. Even though it is the same apartment, the sale price differs by about 250 million KRW depending on the supply timing. This is the first time the 84㎡ sale price in Anyang has exceeded the 900 million KRW limit for medium-sized loans.

This upward trend in sale prices was already anticipated based on the prices of apartments supplied in the area over the past two years. Pyeongchon Trizia in Hogye-dong and Pyeongchon Elfrau in Bisan-dong, which were sold last year, had average prices ranging from 23 to 26 million KRW per 3.3㎡.

Anyang is a speculative overheating district but is not subject to the sale price ceiling system. Instead, as a high-priced sale management area, it is regulated by the Housing and Urban Guarantee Corporation (HUG), which allows sale prices to be set at 85-90% of the surrounding market price at the time of sale. If there is an apartment sold within one year, the sale price is set at the same level. Although a ceiling is set, the significant rise in local market prices over two years has caused the Pyeongchon Xi I-Park sale price to increase sharply compared to the past.

Nearby Jinhung Apartment in Anyang, which recently received a sale price notification from HUG, was priced at 29.999 million KRW per 3.3㎡ for the same reason. In this case, after receiving a notification of 25.4 million KRW per 3.3㎡ in June, the price was recalculated and raised by 500,000 KRW. This is the first time a sale price approaching 30 million KRW per pyeong has appeared in Anyang.

The apartment prices in this area have surged significantly due to large-scale redevelopment projects and transportation benefits. For example, Raemian Anyang Megatria, considered the flagship apartment in Dongan-gu, has seen the price for 84㎡ rise from 680 million KRW in December 2018 to 1.15 billion KRW currently. Considering this, Pyeongchon Xi I-Park's sale price remains about 200 million KRW lower than the surrounding market price despite the increase.

An industry insider said, "Although housing prices in this area have recently stalled due to loan regulations, sale prices may continue to rise for a while due to the influence of complexes that previously received high sale prices."

This content was produced with the assistance of AI translation services.