'Banpo Raemian Prestige' Up to 600 Million Increase in First Half... Seocho Turns to 'Cumulative Rise'

As signs of apartment price rebounds spread from the Gangnam area of Seoul, Seocho-gu has also seen its annual cumulative rate of change turn positive following Songpa-gu. This is interpreted as buyers seeking 'safe assets' within real estate that guarantee future value amid ongoing economic instability.

Panoramic view of Jamsil Jugong Complex 5, Songpa-gu, Seoul

According to the Korea Real Estate Board on the 18th, apartment prices in Seocho-gu rose 0.06% in the second week of August (as of the 14th), continuing an 18-week streak of increases. The cumulative rate of change for this year turned positive at 0.04%, ranking second among Seoul's 25 districts after Songpa-gu. Songpa-gu had previously recorded a positive cumulative rate of change (0.02%) in the first week of July (as of the 3rd) and has maintained momentum since then.

Although actual transaction volumes are lower than in previous years, upward transactions are frequent. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, the Trizium apartment in Jamsil-dong, Songpa-gu, with an exclusive area of 84㎡, was traded for under 2 billion KRW at the beginning of the year but has recently changed hands at prices exceeding 2 billion KRW over the past two months. On the 1st of last month, it recorded the highest price of the year at 2.275 billion KRW. The representative reconstruction apartment in Songpa-gu, Jugong 5 Complex, saw its 82㎡ units traded in the 2.8 to 2.9 billion KRW range last month, marking a price increase of over 300 million KRW in 3 to 4 months.

In Seocho-gu, the Raemian Prestige apartment in Banpo-dong with an exclusive area of 84㎡ saw its actual transaction price rise from 3 to 3.4 billion KRW in the first quarter to a peak of 3.6 billion KRW in the second quarter. It was sold for 3.615 billion KRW on the 23rd of last month. Raemian One Bailey, which will begin move-ins at the end of this month, saw its 84㎡ pre-sale rights traded at 4.59 billion KRW on the 15th of last month, setting a new record high. In the neighboring Bangbae-dong, reconstruction projects are progressing smoothly. Bangbae 6 District (Raemian One Perla) and Bangbae 5 District (DH Bangbae) are scheduled for sale within the year, Bangbae 13 District has completed relocation, and Bangbae 15 District received approval for the establishment of its association promotion committee in April, accelerating the project.

The market views that when considering future asset value, buyers inevitably flock to the Gangnam area, and reconstruction benefits along with eased development regulations along the Han River have further fueled the trend. Notably, Seocho-gu was one of the few areas, along with Gangnam-gu and Yongsan-gu, to see a positive cumulative rate of change during last year's downturn. For this reason, Gangnam-gu is likely to be the next district to see a positive cumulative rate of change. Currently, Gangnam-gu shows a cumulative rate of change of -0.58%.

Ham Young-jin, head of the Zigbang Big Data Lab, said, "Seocho-gu is the top area in Seoul for average sales profit, and Songpa-gu also ranks among the top. Amid domestic and international uncertainties, buyers act conservatively and choose areas and complexes that are certain to rise."

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