View of Songpa Helio City from Seoul Sky, Lotte World Tower, Songpa-gu, Seoul.[유대길 기자, [email protected]]
In Helio City (9519 households), a mega-sized complex located in Songpa-gu, Seoul, the nation’s flat (exclusive area of 84 m²) came out for sale hundreds of millions of won lower than the previous transaction. With the recognition of high house prices and the burden of loan interest due to interest rate hikes, even the stronghold of the apartment complex in the Gangnam area, which had previously enjoyed the most popularity, is collapsing.
According to the related industry on the 4th, the 84 m² dedicated to Heliocity was recently sold for 1.88 billion won. Apartments in that area were traded for 2.1 billion won on July 25, but in regarding one month and ten days, they appeared for sale with 220 million won down. Compared to the amount of 2.37 billion won in January of this year, the sale fell by 500 million won.
The situation is similar with Jamsil Els (5678 households) in Jamsil-dong, Songpa-gu, a very large complex nearby. The 84m2 dedicated to Jamsil LLS is currently listed at 1.95 billion won, which is 300 million won cheaper than the 2.25 billion won deal in July last year, and 750 million won cheaper than the highest price of 2.7 billion won in October last year.
A representative of an authorized real estate agency in Jamsil-dong, Songpa-gu, said, “The asking price, which was flat in the first half, is gradually decreasing.
He said, “Even though it is in the 3rd district of Gangnam, the location is probably inferior to that of Seocho or Gangnam-gu,” he said.
There are also downtrends in the large complex in Gangnam-gu. The 84 m² dedicated to Eunma Apartment, a large-scale reconstruction apartment of 4424 households, was traded for 2.57 billion won on the 10th of last month. Compared to what was sold for 2.82 billion won on November 15 last year, it fell by 250 million won in regarding 9 months.
Dogok-dong, Gangnam-gu Dogok-dong 134㎡ was also traded at 4.23 billion won on the 2nd of last month, which is a decrease of regarding 700 million won compared to the end of May last year (4.94 billion won).
Auction popularity is also waning. On the 2nd of last month, an 84 m² dedicated building for Tower Palace in Dogok-dong, Gangnam-gu, was auctioned off, but there were no participants. The appraised value of this property was 2.31 billion won, which was 400 million won lower than the recent actual transaction price (2.75 billion won) for the same area.
This situation is also expressed in current figures. According to KB Real Estate, the rate of change of the leading apartment 50 index in August was -0.72%, increasing the decline. Last month, the index fell to -0.24% for the first time in two years and two months.
The leading 50 index selects the top 50 complexes by national market capitalization (number of households × price) every year and indexes the market capitalization rate, with Songpa Heliocity taking the first place in market capitalization. In addition, new complexes such as Raemian Daechi Palace in Gangnam-gu, as well as major reconstructed apartments such as Jamsil Jugong 5 Complex in Songpa-gu and Eunma Apartment in Gangnam-gu are included.
A real estate agent in Gangnam-gu said, “Actually, wealthy people are sensitive to market prices because they approach housing as an investment concept.”
- reporter information
- Shin Dong-geun
- [email protected]
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