Dedicated 84m2 plunged by 200 million won… What happened to the famous Sejong apartment?
Although apartment prices in Seoul and the metropolitan area have turned to recovery on the expectation of easing of real estate regulations by the new government, a cold wind is still blowing in the housing market in Sejong City. The selling price of major complexes is dropping by 100 to 200 million won, and a rush of sales is pouring in.
According to the Korea Real Estate Agency, apartment prices in Sejong City fell 0.9% from the previous week as of July 26 last year, and then fell for 38 consecutive weeks until April 11 (-0.2%). This year alone, it fell 2.84%, recording the lowest rate of increase in the country.
For example, an 84 m² dedicated to Gaon 1 Danji Hill State Sejong 2nd car in Dajeong-dong, Sejong-si, which is a large complex of 1631 households, was recently sold for 690 million won. Compared to the sale price in May of last year (858 million won), it fell by 170 million won in less than a year. The 84 m² dedicated to Landscape Chae First & Park in Horyeul 5 Complex, Boram-dong, Sejong City, found its owner for 770 million won in March this year. Considering that the actual transaction price in August last year was 900 million won, it is a decrease of 130 million won. A pyeong such as Doram Village 15 Danji Hill State in Dodam-dong recently traded at 729 million won, dropping more than 200 million won from the highest price (963 million won).
The fact that house prices in Sejong City have turned to a downward trend is attributed to the fact that sales prices have soared in the meantime and discussions about the completion of the administrative capital have been quiet. According to the Korea Real Estate Agency, apartment prices in Sejong City rose 44.93% in 2020 alone, ranking first in the nation’s increase rate. In recent years, the supply of new homes has also been pouring in. According to Real Estate R114, the number of apartments in Sejong City is increasing from 5,655 households in 2020 to 7668 households last year.
An official from the real estate industry said, “The apartment prices in Sejong City have risen sharply in a short period of time and are undergoing recent adjustments. Although the downward trend is clear, there are many positive things such as the installation of the National Assembly Sejong Hall and the second office of the president, and there is a possibility of a rebound in the near future as the population inflow is steady.”
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