Views spell a premium... Waterfront-view apartments see prices soar

[Financial News] Transactions showing price increases in the 100-million-won range are being reported one after another at apartment complexes with waterfront views in the Capital Metropolitan Area and major provincial markets. As residential comfort and location value are reflected in home prices, these properties are maintaining strong price growth even amid a market downturn.
According to the Ministry of Land, Infrastructure and Transport’s Actual Transaction Price Disclosure System on the 22nd, a 116m2 unit at Raemian One Bailey in Banpo-dong, Seocho District, Seoul, sold for 9.4 billion won in September. That was 900 million won more than the 8.5 billion won paid for a unit of the same size in July.
A high-value sale was also recorded in Busan’s Haeundae District. A 161m2 unit at LCT, located on Haeundae Beach, sold for 4.05 billion won in September. That was 970 million won more than the 3.08 billion won recorded in March.
Sales of apartment presale rights showed a similar trend. At Gangneung Ocean City IPARK in Gyeonso-dong, Gangneung, Gangwon Province, a presale right for a 142m2 unit sold for 1.49316 billion won in July. That was 169.26 million won more than the 1.3239 billion won sale price for a unit of the same size in February. The complex is close to Anmok Beach, in a location with views of the East Sea.
In Ssangam-dong, Gwangsan District, Gwangju, an 84m2 unit at Hillstate River Park, near the Yeongsan River, sold for 745 million won. That was 155 million won more than the 590 million won sale price in April.
A RealToday representative said, “Because waterfront views are a locational feature that cannot be artificially expanded, prices tend to be relatively resilient regardless of market conditions,” adding, “We expect buyers to continue to favor complexes that offer not only basic residential convenience but also distinctive view value, both as places to live and as assets.”
As the scarcity of waterfront locations comes into focus, new developments with waterfront views are set to come onto the market before the end of the year.
IPARK Hyundai Development plans to launch IPARK Mudeungsan Sky Foret in November through the redevelopment of Hak-dong 4 District in Dong District, Jeonnam-Gwangju Special Metropolitan City. The complex will comprise 19 buildings, rising from three basement levels to a maximum of 29 above-ground floors, with 2,299 units in total. Of these, 1,387 units with exclusive areas of 59–135m2 will be offered for general sale. Gwangjucheon flows in front of the complex, and Mudeungsan National Park lies to the east.
In Cheonan, South Chungcheong Province, POSCO E&C plans to sell The Sharp Cheonan Lake One in the Buseong 2 Urban Development Zone in Budae-dong, Seobuk District. Of the 1,290 units across 10 buildings, rising from two basement levels to a maximum of 37 above-ground floors, 1,032 will be offered for general sale. Exclusive areas will range from 84 to 118m2. All 118m2 units will face southwest, with views of Seongseong Lake Park taken into consideration.
Ssangyong Engineering & Construction Co., Ltd. will supply Ssangyong The Platinum Hangang in Yongdam-ri, Yangseo-myeon, Yangpyeong County, Gyeonggi Province. The complex will comprise six buildings, rising from two basement levels to a maximum of 19 above-ground floors, with 333 units in total. It will be located near Dumulmeori, where the Namhan and Bukhan rivers converge, and some units will have views of the Hangang River.

[email protected] Choi A-young Reporter