HDC Hyundai Development Company Proceeds with Official Contract for 'Seoul One I-Park'

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As the Seoul real estate market shows a clear recovery this year, the momentum that led the recovery in the Gangnam 3 districts and Ma·Yong·Seong (Mapo, Yongsan, Seongdong) is expected to spread to Do·No·Gang (Dobong, Nowon, Gangbuk), prompting increased activity among buyers.

According to KB Real Estate, as of November this year, the apartment sale price per 3.3㎡ in Seoul was 49.58 million KRW, marking a 5.1% increase compared to last year (47.18 million KRW). Looking at the rise rates by Seoul's 25 districts, the recovery was steep mainly in areas sensitive to the real estate market, such as ▲Seocho 12.6% ▲Gangnam 7.2% ▲Seongdong 7.2% ▲Songpa 7.0% ▲Mapo 6.3% ▲Yongsan 4.6%.

Industry experts say, “The Seoul real estate market shows a pattern of spreading northward starting from the most sensitive Gangnam 3 districts,” adding, “As buyers feel the burden of the steep price increases in Gangnam 3 districts and Ma·Yong·Seong areas, they are likely to move to secure properties in the No·Do·Gang region.”

In fact, this movement is already visible. According to data from Cheongyak Home, ‘Seoul One I-Park,’ supplied by HDC Hyundai Development Company through the development near Gwangwoon University Station, attracted 22,100 applicants for 1,414 units during the subscription period from the 26th to the 27th, revealing strong market expectations for the No·Do·Gang area.

In particular, the Seoul One project, where ‘Seoul One I-Park’ is located, is expected to become a new landmark in the Gangbuk area beyond the No·Do·Gang region, and is anticipated as a game changer that will instantly transform the real estate market atmosphere of the No·Do·Gang area, which has long been a bedroom town.

Meanwhile, ‘Seoul One I-Park’ plans to hold official contracts for four days from Monday the 16th to Thursday the 19th.

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