Luxury apartment in Apgujeong, Seoul, sold for 13 billion won, the highest price in the area (Korea)

A large apartment at the luxury Hyundai Apartment complex in Apgujeong, Gangnam-gu, Seoul, which is currently undergoing reconstruction, has been sold for 13.05 billion won (approximately 1.35 billion yen), the highest price ever in the area.
According to the Seoul Real Estate Information Plaza, a real estate portal site operated by the Seoul Metropolitan Government, the transaction was concluded at the Hyundai 7th Apartment in Apgujeong 3-gu.
The part-time unit is on the 8th floor with an exclusive area of 245.2 square meters (supplied area of 264 square meters). The sales contract was signed on the 25th of last month, and the transaction was reported on the same day.
This price is the highest ever not only for Apgujeong Hyundai Apartments but also for the entire reconstruction area of Apgujeong.
The transaction price in June last year was 11.5 billion won, up by more than 1.5 billion won in just 10 months. The unit price per 3.3 square meters exceeded 163 million won.
According to a local real estate agent, the type of apartment that was traded this time is the largest in the entire Apgujeong reconstruction area, with a floor area of approximately 124.8 square meters (37.75 pyeong).
The property is characterized by the fact that it has a stake in the land. As it has the highest rights value, it is considered to be favorable for the allocation of a penthouse in the best location after reconstruction. The buyer is said to be in his 40s and currently lives in Apgujeong.
Kim Se-woon, CEO of Apgujeong Kevin Real Estate, said, "The Gangnam area is currently designated as a land transaction permission area, and speculative gap investments (those who have little personal capital and rely heavily on rental deposits and loans) are becoming more common.
"The buyer sold another Apgujeong Hyundai apartment he owned and used the money to purchase this property," he added.
"There is a growing demand to replace properties within the same housing complex in order to secure an advantageous position in the allocation of housing types after reconstruction," he said.
In the recent Seoul apartment market, there are many high-value properties called "smart apartments."
There has been an increasing trend to concentrate investment in affordable properties, with transactions at record highs being recorded, particularly for high-priced condominiums.
In February of this year, the 273.9 square meter exclusive use unit at Nine One Hannam in Yongsan-gu was sold to 25
In March, a 84-square-meter unit at Lamian Wang Bailey in Banpo-dong, Seocho-gu, was sold for 200 million won (206.61 million yen) per 3.3 square meters.
The amount of transactions in these areas dropped sharply at one point after the land transaction permission areas were expanded to Gangnam 3-gu and Yongsan-gu at the end of March. However, the number of transactions in these areas has increased sharply as redevelopment projects have been implemented.
Although the number of transactions is low, prices are continuing to rise in the areas of complexes under construction and high-priced Landmark apartments.
"There had been no purchase inquiries for a while, but inquiries have increased again recently and it seems that transactions are being concluded," he said, predicting that "apartment prices are likely to remain strong for the time being."
Ta.