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The Value of Han River View Real Estate Reaches New Heights

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Entered2024.04.13 09:40 Modified2024.04.13 09:40

The price of a house with a Han River view without knowing the ceiling
“The scarcity of new construction near the Han River will become even greater.”

Photo = Reporter Lim Dae-cheol Recently, there has been a series of reported transactions centered on apartment complexes along the Han River in Seoul. Apartments built in the north and south along the Han River belt within 10 years of completion are showing strong growth. Experts believe that the value of the Han River view will increase further as apartments with a view of the Han River are relatively rare and people prefer pleasant and leisurely views. In the first half of the year, complexes with views of the Han River were supplied one after another, attracting attention.

○ Reports march along the Han River

Acro Riverheim, Heukseok-dong, Dongjak-gu, Seoul. Photo = Hankyung DB According to the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system on the 14th, the 114㎡ exclusive area of ​​’Raemian Wellstream’ in Hyeonseok-dong, Mapo-gu changed hands for 2.6 billion won on the 1st. It set a new record for the reported price by 270 million won, exceeding the previous highest price (2.33 billion won) recorded in October 2021. This apartment complex was completed in February 2016 and is now in its 9th year. A nearby real estate agent’s office explains that the place that was traded this time is a high-rise house in Building 101 next to the Han River, so you can overlook the Han River from inside the house.

Last month, an 84㎡ exclusive contract for ‘Acro Riverheim’ in Heukseok-dong, Dongjak-gu was contracted for 2.6 billion won, setting a new record for the highest price. This complex is also adjacent to the Han River, so it is said to have a good view. It is considered a landmark apartment that leads the market price in the Heukseok-dong area. ‘Acro River Park’ in Banpo-dong, Seocho-gu, 59㎡ (KRW 2.83 billion) exclusively for ‘Acro River View’, Jamwon-dong, Seocho-gu, 84㎡ (KRW 3.85 billion) exclusively for ‘Raemian One Bailey’, Banpo-dong, Seocho-gu, 59㎡ (KRW 2.91 billion) exclusively for ‘Raemian One Bailey’, This year, new prices were reported in complexes along the Han River, including the 136㎡ (KRW 5.7 billion) exclusive use of ‘Trimase’ in Seongsu-dong, Seongdong-gu.

Analysis suggests that most of these complexes are adjacent to the Han River belt, including Dongjak, Seocho, Gangnam, Yongsan, and Seongdong, and that they are regional landmarks. Although the overall real estate market is weak, apartments with a view of the Han River are recording new prices. NH Investment & Securities also stated in a recent report titled ‘Luxury Housing Market Analysis’, “In the past 1-2 years, reported prices in the hundreds of billions to tens of billions of won have been appearing one after another, centering on transactions of luxury homes in Gangnam, Yongsan, and with views of the Han River.” In this report, luxury housing must be good not only in quantitative aspects (price) but also in qualitative aspects (use of high-quality materials, living convenience, etc.), have good privacy protection, be differentiated from other houses, and be good at forming communities of similar social classes. It was defined as ‘a place where things can be done.’ The report also explained, “Luxury homes do not have any transactions during market downturns, so declines are hard to see, but they have great upward momentum during real estate booms.”

○ Prices for new apartments along the Han River are ‘high’

Experts believe that the value of the Han River view will likely continue in the future. One factor is that there is not much land to build apartments in the Han River belt. Moreover, even in such a location, the number of households with a view of the Han River is limited. While views of the mountains, sea, and rivers have a significant impact on apartment prices, many predict that the preference for views of the Han River, which is rare in Seoul, will continue. Park Won-gap, senior real estate expert at Kookmin Bank, explained, “There is research showing that the premium for the Han River view usually determines 20% of the house price,” adding, “The value of complexes with the Han River view and adjacent to the Han River will continue to rise.” He emphasized, “There is a tendency for the Han River view premium to increase in areas where housing prices are more expensive.”

A complex along the Han River that is about to be sold is attracting attention. ‘Grants River Park’ in Seongnae-dong, Gangdong-gu, constructed by DL E&C, is expected to be supplied this month. It is a residential-commercial apartment complex with a total of 407 households in 2 buildings, 7 floors underground and 42 floors above ground. 327 exclusive 36~180㎡ households are available for general sale. It is close to the Han River. It is known that the Han River can be seen from some high-rise households.

‘Raemian One Pentas’ in Banpo-dong, Seocho-gu, which is expected to be sold in May-June, is also often mentioned as a complex close to the Han River. This apartment complex will be constructed from 4 underground floors to a maximum of 35 floors above ground, in 6 buildings, with a total of 641 households (59 to 191 m2 exclusive). Of these, 292 households will be released for general sale. It is expected that there will be great interest from consumers as the sale price cap system has been applied. ‘Cheongdam Le L’ in Cheongdam-dong, Gangnam-gu is seeking supply this year. It is expected to secure an unobstructed view of the Han River as it is located next to the Han River and Cheongdam Bridge. It has 1,261 apartments in 9 buildings, 3 floors underground and 35 floors above ground.

Reporter Kim So-hyun

2024-04-13 00:40:01
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