Over 1 in 3 Apartment Transactions Exceeding 5 Billion Won in Seoul Occur in Seocho Banpo
27 Ultra-Luxury Apartment Transactions Exceeding 5 Billion Won Until April This Year
As of this year through April, the area with the highest number of ultra-luxury apartment sales transactions exceeding 5 billion KRW per unit was Banpo-dong, Seocho-gu, Seoul. During the same period, a total of 27 transactions of ultra-luxury apartments priced over 5 billion KRW per unit were recorded.
On the 23rd, Economic Man Lab, a real estate information provider, analyzed the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system and found that out of 27 apartment sales transactions in Seoul priced over 5 billion KRW each from January to April this year, 9 transactions took place in Banpo-dong.
Three transactions each were recorded at Raemian Prestige, Banpo Xi, and Banpo Jugong Complex 1 in Banpo-dong. The highest-priced transaction in Banpo-dong was at Raemian Prestige, with an exclusive area of 222.76㎡ (27th floor), sold for 8.1 billion KRW on the 7th of last month.
Ultra-luxury apartments priced over 5 billion KRW were also traded 8 times in Apgujeong-dong, Gangnam-gu; 3 times each in Sinsa-dong, Gangnam-gu and Seongsu-dong, Seongdong-gu; twice in Cheongdam-dong, Gangnam-gu; and once each in Hannam-dong, Yongsan-gu and Jangchung-dong, Jung-gu.
Unlike the general real estate market environment, the ultra-luxury residential product market is expected to remain strong and exhibit extreme polarization. Wealthy buyers purchasing these ultra-luxury apartments are free from loan regulations and interest rate constraints, so they buy even at high prices if they judge the properties to have high scarcity and future value.
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Hwang Hansol, a research analyst at Economic Man Lab, said, "Ultra-luxury residential products located in prime locations have limited supply and high scarcity, and with reduced tax burdens, the preference among wealthy buyers for owning a single, solid property is expected to continue."
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