"400 Million Won Became 2.2 Billion Won in 6 Years"... 'That Apartment' Causing Another Chaos with 3 Million Buyers [Real Estate Atoz]

[Financial News] The Dongtan Lotte Castle apartment complex in Dongtan District, Hwaseong City, is a hot topic. With the added benefit of its prime location, the average sale price has surpassed 2.2 billion won. This year, the highest sale price for an exclusive area of 84 square meters in Gyeonggi Province was 2.84 billion won at Gwacheon Jugong Complex 8.
In the Gyeonggi housing market, the milestone of exceeding 2 billion won for a standard-sized apartment was previously limited to Bundang, Pangyo, and Wirye New Town, but Dongtan District has now effectively joined the ranks. This complex was offered for sale in 2017. At that time, the sale price was in the mid-400 million won range for a standard-sized unit.

This complex was unveiled in 2017. At the time, it was supplied under the name 'Dongtan Lotte Castle.' With the price cap applied, the average presale price per 3.3 square meters was set at 13.5 million won. Specifically, the prices ranged from 359 million to 385 million won for an exclusive area of 65 square meters, 438 million to 482 million won for 84 square meters, and 536 million to 576 million won for 102 square meters.

The atmosphere in the Dongtan housing market was unfavorable at the time of the presale. Concerns about an "oversupply" arose as a flood of properties came onto the market. However, the fact that it was located near Dongtan Station and was more than 100 million won cheaper than surrounding market prices attracted buyers. First-priority applications were accepted in December 2017. At that time, 54,436 people applied for 702 available units, recording an average competition rate of 77.5 to 1.
Move-in took place in June 2021. Around the time of move-in, the sale price for an exclusive area of 84 square meters ranged from 700 million to 800 million won. Units with an exclusive area of 65 square meters traded in the 500 million to 600 million won range. This was approximately double the presale price.
According to real transaction data from the Ministry of Land, Infrastructure and Transport (MOLIT), prices skyrocketed as transactions began in earnest in 2022. Standard-sized units that initially cost 700 million to 800 million won sold for 1.4 billion won. Small-sized units that cost 500 million to 600 million won also rose to 1.1 billion won.

This complex garnered attention again in 2024, when a non-priority subscription for an exclusive area of 84 square meters became available. The price for the unit was 482 million won, the same as the 2017 presale price.
The actual transaction price at the time was in the mid-1.4 billion won range, meaning that winning the subscription could yield a capital gain of more than 1 billion won. Because nationwide applications were allowed, as many as 3 million people flocked to apply.
As applicants flocked in, the Cheongyak Home server temporarily crashed. There was even an incident in which the application date was postponed by a day. The record for the Dongtan Lotte Castle non-priority subscription remains unbroken to this day.

The highest sale price for a standard-sized unit at Dongtan Lotte Castle was 1.4 billion won in 2022, 1.62 billion won in 2023, 1.66 billion won in 2024, and 1.7095 billion won in 2025. This year, transactions began one by one at 1.9 billion won, and the price rose to 2.225 billion won last April.
The highest sale price for an exclusive 65-square-meter unit was 1.29 billion won in 2023, 1.28 billion won in 2024, and 1.46 billion won in 2025. This year, the highest price was 2 billion won, recorded in a transaction last June.
Approximately six years after move-in, the exclusive 84-square-meter unit, originally offered at 400 million won, has risen to 2.2 billion won, while the 65-square-meter unit, introduced at 300 million won, has risen to 2 billion won. Winners have reaped capital gains of up to six times their original investment.
Although the price currently exceeds 2 billion won, policy loans were available for units priced at 600 million won or less at the time of the presale. Now, policy loans are completely unavailable, and due to lending regulations, the complex is difficult to access unless one has substantial cash.
It is 'semiconductor money' that has driven up housing prices in Dongtan. There are quite a few analyses suggesting that Dongtan could become a second Pangyo, offering proximity between workplaces and homes due to the creation of a nearby Semiconductor Cluster.
On the other hand, residential complexes preferred by actual buyers, such as Gwacheon, Bundang, Suji, and Gwanggyo New Town, are located between Dongtan and Gangnam. The reality is that some people believe there is "no reason to go to Dongtan and pay that much money."
[email protected] Lee Jong-bae Reporter