Jamsil 'Elite' at 2-Year-Old Prices... 'Trizium' 84㎡ for 1.83 Billion KRW

Jamsil's Leading Property 'Elite' 84㎡ Falls Below 2 Billion KRW
Songpa-gu Sale Price Index Also Shows Sharp Decline Last Month
"Existing Home Transactions Stalled, Demand Support Difficult"

[Asia Economy Reporter Hwang Seoyul] The so-called flagship properties of Jamsil-dong, Songpa-gu, known as the ‘El·Li·Te (Els·Resents·Trizium)’, are returning to prices from two years ago for the national standard size (exclusive area 84㎡). Not only the flagship properties but also the entire Songpa-gu area are seeing transactions mainly focused on urgent sales, resulting in a steep downward trend.

According to the Ministry of Land, Infrastructure and Transport’s Real Transaction Price Disclosure System on the 17th, ‘Trizium (exclusive area 84.83㎡)’ located in Jamsil-dong, Songpa-gu, was traded for 1.83 billion KRW this month. For the same area, it was sold in the 1.8 billion KRW range for the first time since June 2020 (1.82 billion KRW), returning to prices from two years ago.

Along with Trizium, the national standard size of the flagship property in Jamsil, El·Li·Te, is also returning to prices from two years ago. This month, ‘Els (84.8㎡)’ was traded for 1.98 billion KRW. Although this is 80 million KRW higher than the previous transaction price of 1.9 billion KRW, it is a drop of 720 million KRW compared to the peak price of 2.7 billion KRW in October last year. Except for this year, the price fell below 2 billion KRW through sales transactions for the last time in June 2020, when it was traded at 1.93 billion KRW. Resents also saw its transaction price fall below 2 billion KRW last month, trading at 1.975 billion KRW.

The decline in real estate prices in Songpa-gu is not limited to the flagship ‘Elite’ in Jamsil. ‘Helio City (exclusive area 84.98㎡)’ located in Garak-dong was traded last month for 1.785 billion KRW, down 415 million KRW from the previous transaction price of 2.2 billion KRW and 585 million KRW from the peak in January (2.37 billion KRW).

Looking at Songpa-gu as a whole, the Korea Real Estate Board’s apartment sales price index dropped 2 points to 101.7 last month compared to the previous month, marking the steepest decline so far this year. The index hit an all-time high of 105.7 in January and has been steadily declining since then. The representative of A Real Estate Agency near Jamsil-dong said, “Most transactions are urgent sales that have dropped more than 700 million KRW from the peak price,” adding, “During the price decline, buyers often hesitate until they feel the price has dropped significantly.”

Experts say that the regional characteristics of Songpa-gu have a significant impact on the current downward trend. Kim Inman, director of Kim Inman Real Estate Economic Research Institute, analyzed, “Among the three Gangnam districts (Seocho, Gangnam, Songpa), Songpa-gu is relatively weaker in defending housing prices compared to the other two districts (Seocho and Gangnam). Moreover, some residents from Gangdong-gu are moving to Jamsil as a trade-up, but since existing homes are not being traded well, demand is not being supported.”

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