Interest in the distribution system areas such as Cheongdam and Dogok
◆ Sales market outlook ◆
Panoramic view of an apartment in downtown Seoul. [매경DB]
As some apartment complexes scheduled for sale this year have been pushed back, the attention of actual buyers is shifting to next year’s subscription market. This is because the schedule has been pushed back due to disputes between unions and construction companies over construction costs due to high interest rates and rising raw material prices. However, the ‘quality’ of the sales volume is expected to be significant, as it includes a large number of big fish from the Gangnam area, such as Gongdeok and Yeongdeungpo, as well as core areas of Gangnam, including Seoul’s Banpo, Cheongdam, and Bangbae.
According to Real Estate R114 on the 24th, the number of complexes scheduled for sale this year but postponed totals 16,333 households in 17 locations. Of these, 9 are complexes in the 3 districts of Gangnam (Gangnam, Seocho, and Songpa) and are subject to the sales price cap system. At the beginning of this year, there were expectations that the sales volume would be released, but as sales failed to occur within the year, the schedule was moved to next year.
Due to this situation, the number of private apartments sold nationwide this year (201,230 households) was the lowest since 2013. At the beginning of the year, the sales industry expected that more than 280,000 homes would be supplied across the country, but the actual supply was only 80% of the plan. Next year, the number of private apartment sales nationwide is expected to be similar to this year.
However, since the complexes that are behind schedule are in good locations in Seoul, interest from consumers is expected to increase considerably. The complexes expected to come out in the Gangnam area in 2024 are ‘Cheongdam Reel’ in Cheongdam-dong, Gangnam-gu, ‘Raemian Leventus’ in Dogok-dong, Gangnam-gu, ‘Raemian One Pentas’ in Banpo-dong, Seocho-gu, ‘Sinbanpo Maple Xi’ in Banpo-dong, Seocho-gu, and ‘Raemian One Perla’ in Bangbae-dong, Seocho-gu. , ‘DH Bangbae’ in Bangbae-dong, Seocho-gu, and ‘Jamsil Raemian I-Park’ in Sincheon-dong, Songpa-gu. In the non-Gangnam area, ‘Mapo Xi Hill State’ in Gongdeok-dong, Mapo-gu, and ‘Yeongdeungpo Central Prugio We’ve’ in Yeongdeungpo-dong, Yeongdeungpo-gu stand out.
The market expects that most of the sales in Seoul planned for this year will be moved to next year, attracting the attention of actual buyers. In particular, sensitivity to pre-sale prices is expected to increase as housing prices have recently fallen, transactions have plummeted, and buying sentiment is shrinking. In this context, complexes in the 3rd district of Gangnam, where a certain amount of market profit can be expected as they are areas subject to a sales price cap, are expected to be a hit.
2023-12-24 21:58:54
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