'Eterno Apgujeong' Emerging Amid Gangnam Real Estate Cheers Following Land Transaction Permission Zone Deregulation

- Seoul Lifts Land Transaction Permit Zone in 'Jamsamdaecheong' Area, Stirring Investment Sentiment
- No Source of Funds or Actual Residency Requirements... Demand Shifts Toward Luxury Residences

Following the lifting of the land transaction permit zone designation in Seoul, the real estate market in Gangnam-gu and Songpa-gu areas is showing signs of excitement. The expectation of price increases due to deregulation is attracting the attention of investors.

On the 12th of last month, Seoul City announced the removal of the land transaction permit zone for apartments in the so-called ‘Jamsamdaecheong’ area, including Jamsil-dong in Songpa-gu near the International Exchange Complex District, and Samsung, Daechi, and Cheongdam-dong in Gangnam-gu. Of the total 305 complexes, 291 were removed from the permit zone, while 14 reconstruction apartments that passed safety inspections (such as Daechi Eunma Apartment and Jamsil Jugong Complex 5) maintained the permit zone due to concerns over speculation.

The land transaction permit system is a regulation introduced in 2020 to prevent speculative transactions in areas planned for development or where speculation is a concern. Previously, areas designated as land transaction permit zones required a two-year residency obligation after purchasing a home, restricting gap investments. However, with the recent deregulation, immediate leasing has become possible, increasing investor interest.

In fact, since Seoul Mayor Oh Se-hoon announced at a policy forum last month that the removal of the land transaction permit system was under consideration, housing prices in the Gangnam area have been soaring. According to data from the Korea Real Estate Board, the apartment sale prices in Seoul for the second week of February (10th) rose by 0.02% compared to the previous week, maintaining a steady trend for two consecutive weeks. Notably, Songpa (0.13→0.14%), Seocho (0.06→0.11%), and Gangnam (0.03→0.08%) saw an expansion in their price increases.

Amid this, ‘Eterno Apgujeong’ is a top-tier apartment complex in Korea, located in Cheongdam-dong, Gangnam-gu, Seoul (on the former site of Hyosung Villa). It consists of a total of 29 households across 6 basement floors to 15 above-ground floors, with exclusive areas ranging from 237 to 948㎡. The site area alone is 5,128㎡, approximately 1.6 times larger than ‘Eterno Cheongdam.’ The construction is handled by Janghak Construction, a company specializing in luxury housing, while Hyundai Construction, which built ‘Eterno Cheongdam,’ is participating as the project manager (PM) for Eterno Apgujeong. The project has successfully transitioned to project financing (PF), received building permits, and construction is currently underway. Move-in is scheduled for October 2027.

Eterno Apgujeong enjoys the lifestyle benefits of Apgujeong while administratively belonging to Cheongdam-dong, making it expected to benefit from the lifting of the land transaction permit zone. Apgujeong-dong was excluded from the recent removal of the land transaction permit zone, increasing the likelihood of investment demand concentrating on Eterno Apgujeong.

Eterno Apgujeong holds special significance as a collaboration between a world-renowned architect and Korea’s most prestigious residential area. Rafael Moneo, a Spanish architect and recipient of the Pritzker Prize, often called the Nobel Prize of architecture, is responsible for the architectural design. This is his second project following Eterno Cheongdam, and it aims to elevate the luxury fitting the traditional image of the Apgujeong affluent neighborhood.

Eterno Apgujeong reflects Rafael Moneo’s architectural philosophy of ‘timeless permanence,’ differentiating it from other complexes in Gangnam and realizing a more advanced form of luxury residential space. To achieve this, the exterior of the complex features a powerful and elegant design to enhance its presence, and the facade will be completed by appropriately utilizing horizontal lines and vertical columns to embody geometric beauty.

Regarding location, the complex is close to major roads such as Apgujeong-ro, Seolleung-ro, Dosan-daero, Olympic-daero, Seongsu Bridge, and Yeongdong Bridge, providing excellent transportation connectivity. Nearby are various convenience facilities including the Cheongdam luxury shopping street, Apgujeong Rodeo, Galleria Department Store, and Hyundai Department Store. Additionally, cultural infrastructure is well established, led by the Cheongdam Art Center.

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