A view of downtown Seoul from 63 Square. / yunhap news
Apartment prices in Seoul are booming as expectations for the easing of real estate regulations have increased for a month after the election. Yongsan-gu, where the presidential office is relocated, climbed the most.
According to Real Estate R114, a real estate information company, the price of apartments in Yongsan-gu, Seoul rose 0.38 percent from the presidential election last month to the 8th of this month. This is the highest rate of increase among autonomous districts in Seoul. Apartment prices in Yongsan-gu rose 0.10 percent this week alone. In major complexes such as Hyundai Apartments in Ichon-dong and Raemian Ichon Cellitus, new house prices rose by 25 to 50 million won a week.
This is because there are many complexes that benefit from the easing of the reconstruction regulations promoted by the Yun Seok-yeol government, such as the safety examination requirements and the profit recovery system (a system in which a part of the house price that has risen due to the reconstruction is returned as a reconstruction fee). President-elect Yoon Seok-yeol announced last month that he would move his office to the current Ministry of National Defense in Hangang-ro, Yongsan-gu.
Apartment prices in other areas of Seoul are also fluctuating. Right after the presidential election, apartment prices rose in only 7 out of 25 autonomous districts in Seoul, but this week, the rise in 12 areas rose. After Yongsan-gu, Jung-gu (0.33%), Dongjak-gu (0.13%), Gangnam-gu (0.11%), Seocho-gu (0.09%), and Yangcheon-gu (0.07%) showed the highest increase in apartment prices over the past month. Among them, Gangnam-gu, Seocho-gu, and Yangcheon-gu, where there are many reconstruction complexes, are considered to be the beneficiaries of deregulation. However, in Gangbuk regions such as Seongbuk-gu and Nowon-gu, although the recent decline has decreased, it is still not avoiding the downward trend.
Lim Byung-cheol, research team head of Real Estate R114, said, “The real estate task force (TF) of the Presidential Transition Committee has started discussing the easing of reconstruction regulations in earnest, and the buying sentiment is recovering. atmosphere to receive,” he said.