As Soon as the Relocation Plan Was Announced... "Jeonse Increased by 100 Million Won"

Relocation Plan Confirmed for Neutimauel 3rd Complex in Bundang-gu
Prices Surge by 100 Million Won in a Month... Shortage of Jeonse and Monthly Rentals in the Area

"As soon as the relocation notice was issued, the jeonse price increased by 100 million won. I'm worried about finding a place to live immediately."

Neutimauel 3rd Complex located in Jeongja-dong, Bundang-gu, Seongnam-si. A banner announcing the confirmed relocation is hung.

As the relocation process officially begins for Neutimauel 3 Complex in Jeongja-dong, Bundang-gu, Seongnam-si, which is undergoing a remodeling project scheduled for completion in 2026, the local jeonse and monthly rent market is becoming volatile. Right after the relocation notice was announced, the asking prices for jeonse listings in nearby complexes rose by 100 million won, and jeonse listings themselves have become scarce. Since Neutimauel 4 Complex, which has 1,006 households, is also expected to issue a relocation notice in May, the addition of relocation demand from Neutimauel 4 Complex is expected to further destabilize the jeonse and monthly rent market.

According to industry sources on the 11th, Neutimauel 3 Complex, which passed the building review in July 2021 and is pursuing horizontal separate building remodeling, must complete relocation between the 26th of this month and August 25th. Through remodeling, Neutimauel 3 Complex will increase from 12 buildings with 770 households to 873 households. Construction is being handled by POSCO Engineering & Construction.

When the Neutimauel 3 Complex Remodeling Housing Association announced the start of relocation on the 24th of last month, jeonse prices in nearby complexes surged simultaneously. The tenant ratio in Neutimauel 3 Complex is known to be about 70%. This means that about 530 households need to find new jeonse or monthly rental housing. As relocation demand surged all at once, the jeonse listing for an 84㎡ unit in Sangnok Woosung in Jeongja-dong, located just a 5-minute walk from Neutimauel 3 Complex, is currently 720 million won, which is more than 100 million won higher than a month ago. The same-sized unit was traded for 600 million won (6th floor) on March 27th last month. Mr. Kim, who moved to Sangnok Woosung last month, said, "As soon as the relocation announcement for Neutimauel 3 Complex was made, the jeonse asking price jumped by 100 million won. If I had been a little later, I would have had to pay at least 50 million won more to find jeonse. It was a huge relief."

A representative from real estate agency A in Jeongja-dong said, "Jeonse listings for 84㎡ units in Sangnok Woosung, which were traded up to 600 million won, are now hard to find for less than 700 million won, and as of the 10th, there is only one jeonse listing available." He added, "For parents with elementary school children who want to avoid school transfers, the farthest they can go is Sangnok Life 1 and 2 complexes and Hansol Jugong 6 Complex, but jeonse listings for 30-pyeong units in these complexes are almost completely gone."

There have also been cases of lease contracts signed ahead of relocation, prompting a lease contract advisory. According to the Ministry of Land, Infrastructure and Transport's actual transaction price system, as of the 10th, a total of seven lease contracts occurred in Neutimauel 3 Complex in February. As a result, the association issued notices encouraging tenants to clearly inform about relocation plans when signing lease contracts or to proceed with caution when entering lease agreements.

Neutimauel 4 Complex, which is adjacent to Neutimauel 3 Complex, is also expected to issue a relocation notice in May, which is anticipated to worsen the jeonse shortage in the area. Considering that Neutimauel 4 Complex has 1,006 households, about 1,700 households will need to find new homes within this year. This situation is seen as a microcosm of the potential instability in the jeonse and monthly rent market that could arise during future reconstruction projects in Bundang. For example, in Bundang, pilot complexes (Samsung, Hanshin, Woosung, Hanyang, Hyundai) have formed a joint reconstruction promotion committee, and combined, these pilot complexes amount to a mammoth complex of 7,800 households. Without proper relocation measures, large-scale relocation demand is expected to destabilize the local jeonse and monthly rent market.

Yeo Kyung-hee, senior researcher at Real Estate R114, said, "Although reconstruction is likely to be pursued with time intervals, definite relocation measures are necessary to avoid stimulating jeonse prices in surrounding areas."

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