As the price of new apartments skyrockets, there are predictions that the 100 million won per square meter (3.3 sq. ft.) era will soon be upon us. Currently, there are only four regulated areas in Seoul, including Gangnam 3 and Yongsan. With construction costs skyrocketing, it has been said that ‘now is the cheapest time to buy’.

Office buildings have already reached 100 million won per square meter… Gross national product in the Seoul metropolitan area is 1 billion won.

In 2020, when the apartment sales price regulation was at its peak, the sales price of an office building was already 100 million won per 3.3 square meters. As offices became popular to avoid regulations, super expensive offices were supplied one after another,
First, in 2020, ‘Le Pied in Gangnam’ was sold for 120 million won per 3.3 square meters. In 2021, ‘Lucia Dosan 208’ and ‘Gallery 832 Gangnam’ were introduced at 140 million won. In 2022, ‘Artid’ and ‘Layer Cheongdam’ were introduced in the 150 million won range.

Apartment sales prices, which had been pent up, will start to rise in 2022 due to deregulation and rising commodity prices.

According to Real Estate R114 statistics, the sales price per 3.3 square meters rose 16% nationwide from KRW 13.11 million in 2021 to KRW 15.21 million in 2022. Seoul saw a 241.1% surge from 27.98 million won to 34.74 million won during this period. As of this year, the 1 billion won era seems to be solidifying in the Seoul metropolitan area.

An executive at a construction company said, “Sales prices will only continue to rise. It’s not wrong to say that now is the cheapest time,” said an executive at a construction company, adding, “For private apartments, there is no reason for prices to fall먹튀검증.”

Source: Real Estate R114

100 million won per square meter soon to be a reality…”Now is the cheapest”

There are already many cases where apartments in high-end residential complexes in Gangnam such as Apgujeong and Banpo have been sold for more than 100 million won per 3.3 square meters. The ‘100 million won per square meter era’ began during the Moon Jae-in administration. Experts predicted that it would take about 10 years, but they point out that policy failures hastened the 100 million won per square meter era.

The 100 million won era is coming soon. In the case of the Yongsan UN site, which is currently under development, the sale price is set at 120 million won per 3.3 square meters, the highest level ever. The implementing company purchased the land for 1.552 trillion won in 2017. There are analysts who believe that the sales price could rise further to about 67 million won per square meter.

The estimated sales price of the reconstruction complex in Yeouido is also estimated at 60 million won per 3.3 square meters. According to the reconstruction and maintenance plan, the general sales price per 3.3 square meters of the pilot apartment was estimated to be 64 million won, and about 60 million won for Hanyang Apartments. The previously unveiled Eunma Apartment in Daechi-dong, Gangnam-gu was priced at 71 million won per square meter.

Experts point out that new apartment sales prices seem to go up, not down. After all, it is said that ‘Dunchon Jugong was a good sale price’. “Even if the price of raw materials goes down, will the sales price really go down, the answer is that it is the cheapest today,” said one expert.

The new apartment subscription program is a system designed to prioritize new housing for the homeless. For this purpose, a subscription passbook system was created so that not just anyone can apply. The door for the unhoused is getting narrower and narrower.