Apgujeong Sees New High-Rise Buildings, Surpassing 8 Billion Won Record Again

The Hyundai Apartment complex in Apgujeong-dong, Gangnam-gu, Seoul, which has been embroiled in controversy over preferential treatment regarding reconstruction floor counts, is recently seeing both actual transaction prices and asking prices rise, once again eyeing record highs.

Seoul Gangnam-gu Apgujeong-dong Hyundai Apartment exterior / Photo by Hyunmin Kim kimhyun81@

According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system on the 9th, the Hyundai 1st Complex in Apgujeong 3 District with an exclusive area of 196.21㎡ changed hands for 7.8 billion KRW on the 27th of last month.

This is 200 million KRW lower than the previous record-high transaction (8 billion KRW in July last year). However, experts say it is difficult to simply view this as a price drop considering that from June, the U.S. Giant Step (a 0.75 percentage point increase in the base interest rate) led to a high-interest rate environment that froze transaction volumes.

Also, the 3rd District is considered the flagship within the Apgujeong Special Planning Zone, which Seoul City is promoting for rapid integrated planning. It includes a total of 4,065 households such as Hyundai 1st to 7th Complexes, 10th, 13th to 14th Complexes, and Daelim Villate. Apgujeong Elementary, Middle, and High Schools are also adjacent.

Ham Young-jin, head of Zigbang Big Data Lab, said, "(This applies to general complexes as well) especially along the Han River, price differences inevitably occur depending on floor or orientation, and above all, record-high prices continue to emerge by complex," adding, "Hyundai Apartments in Apgujeong rose from 8th place in highest transaction price per household last year to 3rd place this year."

In fact, the Shin Hyundai 9th, 11th to 12th Complexes, classified as Apgujeong 2nd District, also showed a streak of record-high prices. The 2nd District, separated from the 3rd District by Nonhyeon-ro, is adjacent to Apgujeong Station on Subway Line 3, Jamwon Hangang Park, and Hyundai Department Store.

Shin Hyundai 11th Complex with an exclusive area of 183.41㎡ recorded a new high sale price of 5.95 billion KRW on March 20th and was traded again at 6 billion KRW just a week later on the 27th. Shin Hyundai 12th Complex with an exclusive area of 182.95㎡ also broke its record twice in the same month, selling for 5.8 billion KRW (on the 3rd) and 6.08 billion KRW (on the 18th). The asking price for the same size units in this complex is around 6.3 to 6.4 billion KRW.

Meanwhile, within the Apgujeong Special Planning Zone, among the total 1st to 6th Districts, the 2nd to 5th Districts are participating in the rapid integrated planning. Recently, the city revealed a reconstruction draft that would transform apartments of 13 to 15 floors within the district into buildings over 50 floors, and in this process, announced lowering the mandatory public contribution (donation and surrender) ratio to 10%, which has been criticized as excessive preferential treatment. The city rebutted, stating, "It is not true that preferential treatment was given only to specific apartments."

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