"View equals money"... 'Lake premium' divided housing prices

[Financial News] When choosing an apartment, "what you can see from inside the home" has become a core value just as important as location. This is because even within the same living area, asset value can vary significantly depending on whether one can enjoy an unobstructed view of a lake or park through the living room window.
Among the various views, waterfront views are undoubtedly considered the highest-tier premium. This is because they are physically scarce, and even among units located near a lake, the supply of properties offering unobstructed views from within the actual unit is limited.
The value of such views is proven by price differences of hundreds of millions of won in the actual housing market. An 84m2 unit at 'Gwanggyo Jungheung S-Class,' which offers permanent views of Suwon Gwanggyo Lake Park, recently surpassed 2 billion won, setting a new record high. In contrast, units of the same size at 'Gwanggyo Hoban Verdiume,' which is located nearby and shares excellent infrastructure but lacks lake views, traded in the 1.5 billion won range, showing a market price difference of as much as 500 million won.
This phenomenon is also evident in emerging residential towns in provincial areas. In the vicinity of Cheonan Seongseong Lake Park, pre-sale rights for 'e-Pyeonhansesang Seongseong Lake Park,' which offers a south-facing lake view, traded in the 620 million won range, whereas nearby complexes with somewhat limited views traded in the 590 million won range, demonstrating that waterfront views created a price difference of tens of millions of won.
It is observed that as demand for pleasant living environments increases, the rarity of complexes that simultaneously offer lake views and south-facing orientations is growing.
Amidst this, new complexes featuring exceptional waterfront views are launching one after another in the presale market during the second half of this year. POSCO E&C will introduce 'The Sharp Cheonan Lac One' in the Seongseong Lake Park area of Cheonan, South Chungcheong Province, this coming October. Comprising a total of 1,290 units, the complex features southwest-facing orientations and specialized designs for some large floor plans, allowing residents to enjoy views of Seongseong Lake Park from inside their homes. Following this, Hyundai Engineering Co., Ltd. will launch 'Hillstate Geoje Signature' in Geoje, South Gyeongsang Province, in October, offering views of Okpo Port, while 'Jinju Panmun District Lake Summit Wellga,' featuring views of Jinyang Lake and a sky lounge, will begin supply in Jinju.

[email protected] Jeon Min-kyung Reporter