Why Live in the 'Gangnam of OO'? It Dominates in Both Housing Applications and Market Prices

[Financial News] The popularity of so-called “Gangnam within the region”—prime residential areas regarded as representative of their respective cities and regions—is steadily increasing in the real estate market. As the preference for “one well-chosen home” becomes more pronounced in the housing market, the asset values of prime locations with limited availability and excellent living conditions appear to be growing even more resilient.
According to real estate industry sources on the 13th, “Gangnam within the region” refers to a prime location like Seoul’s Gangnam-gu, where prestigious school districts and major commercial and cultural amenities are concentrated. Thanks to their excellent residential environments and proximity between homes and workplaces, these areas boast strong asset resilience: prices fall less during market downturns and lead the way up during upturns.
The popularity of proven prime locations is also borne out by the numbers in the housing subscription market. According to the Korea Real Estate Board’s subscription portal, The Sharp Songdo Granterre, launched this past May in a prime location in Incheon’s Songdo International Business District (IBD), closed with an average first-priority application ratio of 17.7 to 1. In addition, Beomeo Station Park Dream Diar, launched this past April in a traditional top residential area of Suseong-gu, Daegu, posted a three-digit average first-priority application ratio of 101.5 to 1, demonstrating its resilience despite the local market’s slowdown.
The same trend is evident in the home resale market. An 84-square-meter unit at Chuncheon Central Park Prugio in Onui-dong, Chuncheon, Gangwon Province, sold for 780 million won this July, up about 80 million won from the same period last year. An 84-square-meter unit at Cheongju Gagyeong IPARK Complex 3 in Gagyeong-dong, Cheongju, North Chungcheong Province, also changed hands for 803 million won this September, surging by at least 150 million won in a year. Analysts say that the greater the concentration of daily-life amenities in an area, the more the preferred complexes there have gained in value.
Following these gains, buyers are turning their attention to a large number of new branded complexes set to be offered in prime locations across various regions this October.
Dongbu Construction will sell Namchuncheon Centerville, with units measuring 59–84 sq. m and a total of 264 households, in Hyoja-dong, Chuncheon, Gangwon Province. It is close to Namchuncheon Station and the Chuncheon Express and Intercity Bus Terminal, and residents can enjoy the amenities of Chuncheon’s most sought-after residential area and its prestigious school district.
IPARK Hyundai Development Company will introduce Cheongju Gagyeong IPARK Complexes 7 and 8, with units measuring 84–116 sq. m and a total of 1,671 households, in Gagyeong-dong, Heungdeok-gu, Cheongju, North Chungcheong Province. The final piece in the puzzle, the complexes will join those launched earlier to complete a massive IPARK-branded community of around 6,300 households. Their advantages include Gagyeong-dong’s central commercial district and excellent proximity to workplaces.
GS Engineering & Construction has opened a sales gallery for Yeonje Gallery Xi, with 84-square-meter units and a total of 499 households, in Yeonsan-dong, Yeonje-gu, Busan, and begun sales in earnest. The complex benefits from a triple-station location, with access to Yeonsan Station on Busan Metro Lines 1 and 3, among others, as well as an excellent education hub with easy access to the private academies in Sajik-dong.
Hanwha Corporation E&C Division plans to supply Hanwha Forena Jije Station, with units measuring 84–116 sq. m and a total of 1,098 households, in Segyo-dong, Pyeongtaek-si, Gyeonggi Province. Samsung Electronics Pyeongtaek Campus is nearby, and the complex offers future potential as five rail lines converge around PyeongtaekJije Station: KTX, Line 1, the KTX line from Suwon, and the proposed extensions of GTX Lines A and C.

[email protected] Jeon Min-kyung Reporter