This Year's Highest Price per Pyeong for Office and Commercial Buildings: 'Yongsan' Surpasses Gangnam

Average Sale Price per 3.3㎡ of Yongsan Office and Commercial Facilities 77.16 Million KRW, Ranked 1st Among Seoul Districts

[Asia Economy Reporter Kim Min-young] Yongsan-gu was found to have the highest average sale price per 3.3㎡ for office and commercial facilities among Seoul’s districts. Seongdong-gu, home to Seongsu-dong, known as the ‘holy ground’ for the MZ generation, saw office and commercial facility prices soar to levels comparable to Gangnam-gu.

On the 29th, RSquare, a commercial real estate data specialist company, surveyed the average sale price per 3.3㎡ of office and commercial facilities in Seoul from January to July this year. Yongsan-gu recorded 77.16 million KRW per 3.3㎡ based on total floor area. For July, data was compiled up to contracts on the 22nd, so some transactions were not included.

Yongsan’s real estate value has recently risen due to development near Yongsan Station. With abundant office worker demand from companies like AmorePacific, LS, LG Uplus, and HYBE, and the establishment of luxury residential complexes such as ‘Raemian Yongsan The Central,’ ‘Yongsan Prugio Summit,’ and ‘Yongsan Central Park,’ the commercial district has revived. In Hangangno 2-ga, where AmorePacific’s headquarters is located, the official land price per 1㎡ this year was 39.3 million KRW, up 12.6% compared to 2020.

Yongsan is a region with growing development expectations as the ROK-US Combined Forces Command moved to the Pyeongtaek US military base at the end of last year, and the presidential office relocated here from the Blue House in May this year. Large-scale development projects such as the Yongsan International Business District and Hannam New Town redevelopment are also pending.

However, the total floor area of office and commercial buildings traded in Yongsan this year was 53,190㎡, about one-quarter of Gangnam-gu’s 240,312㎡ or Jung-gu’s 216,973㎡.

Ryu Kang-min, head of RSquare’s Research Center, said, “Transactions in Yongsan were centered on small commercial and office buildings,” adding, “This contributed to the relatively high price per pyeong.”

Districts such as Jongno-gu (70.59 million KRW per 3.3㎡), Jung-gu (68.84 million KRW), Gangnam-gu (67.25 million KRW), and Seongdong-gu (65.42 million KRW) all exceeded 60 million KRW per 3.3㎡. In particular, luxury and famous food and beverage (F&B) brands concentrated in Seongsu-dong, pushing office and commercial building prices up to Gangnam-gu levels. This also seems to reflect development expectations such as the Seongsu Strategic Maintenance Zone.

Based on land prices, Gangnam-gu had the highest average sale price, reaching 161.2 million KRW per 3.3㎡. Seocho-gu (122.27 million KRW), Jung-gu (109.09 million KRW), Yongsan-gu (104.82 million KRW), Seongdong-gu (102.46 million KRW), and Jongno-gu (95.52 million KRW) followed.

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