[비즈한국] In Seoul's residential real estate market, ultra-luxury apartments and houses dominated the top end of the transaction price list. According to the Seoul Real Estate Information Plaza, among transactions recorded from 09:00 on August 10 to 09:00 on August 14, a 34th-floor unit at Galleria Foret in Seongsu-dong 1-ga, Seongdong-gu (exclusive area 217.86㎡) reached a weekly high of 9.2 billion KRW. It was followed by a 9th-floor unit at Shindong-a in Seobinggo-dong, Yongsan-gu (exclusive area 166.98㎡), which sold for 4.75 billion KRW. The prominence of large-sized properties in the top rankings once again confirmed the high price points of major riverside residential areas along the Han River.
In Yeonhui-dong, Seodaemun-gu, a house with an exclusive area of 298.43㎡ was sold for 4.28 billion KRW. The inclusion of high-end detached houses with significant land and building footprints in the top rankings highlights the diversity of premium transactions across different regions.
A 7th-floor unit at Daekyo Apartments in Yeouido-dong, Yeongdeungpo-gu (exclusive area 95.5㎡) sold for 3.4 billion KRW. Similarly, a 5th-floor unit at the nearby Sambu Apartments in Yeouido-dong (exclusive area 77.69㎡) traded for 3.28 billion KRW, demonstrating the high market value of reconstruction-targeted complexes in the Yeouido area.
A 9th-floor unit at Songpa Lake Park Hoban Summit II in Geoyeo-dong, Songpa-gu (exclusive area 108.811㎡) sold for 2.6 billion KRW. Meanwhile, a 19th-floor unit at Heukseok River Park Xi in Heukseok-dong, Dongjak-gu (exclusive area 59.93㎡) traded for 2.24 billion KRW.
Additionally, a unit at Mullaedong 3-ga Mullae Hillstate (exclusive area 119.47㎡) sold for 1.96 billion KRW, a unit at Munjeong-dong Munjeong Garak Hyundai 1st (exclusive area 84.98㎡) sold for 1.925 billion KRW, and a house in Jongam-dong (exclusive area 563.84㎡) sold for 1.9 billion KRW.
Previously, the price per pyeong of the Galleria Foret unit in Seongsu-dong 1-ga reached approximately 139.6 million KRW, significantly exceeding the average price per pyeong for Seoul apartments (59.259 million KRW) reported by KB Real Estate last December. Similarly, the Shindong-a in Seobinggo-dong traded at approximately 94.04 million KRW per pyeong, and the Daekyo in Yeouido-dong traded at approximately 117.69 million KRW per pyeong, both showing transaction prices well above the Seoul average.
Real estate industry experts analyzed the Galleria Foret transaction as a case that reaffirms the scarcity of ultra-large luxury housing, which sees low transaction frequency. After a 36th-floor unit of the same size was sold for 9 billion KRW in August 2023, this 34th-floor unit sold for 9.2 billion KRW. Given that Galleria Foret is a 230-unit high-rise residential complex located near Seoul Forest and the Han River, consisting mainly of large units, it is considered that these scarce assets set the price ceiling even in conditions where transaction volume is lower than that of general apartments.
The Shindong-a Apartments in Seobinggo are believed to have their prices supported by expectations of reconstruction and the scarcity of large-sized units. The Seoul Metropolitan Government has proposed a plan through the "Rapid Integrated Planning" (Sin-tong-gi-hoek) to redevelop Shindong-a into a riverside landmark complex with about 1,840 units, reaching around 50 stories in height. A unit with an exclusive area of 166.98㎡ was also traded for 4.85 billion KRW last July. The current trade at 4.75 billion KRW is closer to a sustained high-price trend in the upper 4-billion KRW range rather than a new record high.
Unlike apartments, the house market in Yeonhui-dong is one where precise land conditions, road frontage, and building maintenance status significantly impact pricing. Since properties with a gross floor area of 298.43㎡ have been listed in the high 4-billion KRW range, this transaction is also analyzed as being driven by the inherent scarcity of large-scale detached houses and the individual property's specific characteristics.
Experts evaluated that the top 10 transactions this week are a result of selective capital inflow into high-end riverside houses, reconstruction-targeted complexes, and large-sized units in areas like Seongsu, Seobinggo, and Yeouido, rather than a uniform price surge across all of Seoul. According to the Korea Real Estate Board, Seoul apartment prices rose by 0.21% in the second week of August compared to the previous week, continuing an upward trend, though the rate of growth slowed from the previous week's 0.26%. Seongdong, Yongsan, and Yeongdeungpo districts also saw a slowdown in their growth rate.
As the government released measures on August 13 to increase housing supply in the metropolitan area and expand financial support for project financing (PF) while maintaining its stance on existing demand management, analysts suggest it is too early to view these measures as the direct cause of this week's high-priced transactions. As the high-end housing market remains in a "wait-and-see" mode due to tax and loan burdens, it remains to be seen whether the current polarization—where scarce properties continue to trade at premium prices—will persist.
※ This article was written jointly by Bizhankook and MetaVX's generative AI.