Seoul Gangnam Officetel Sales price 58.68 million won per 3.3 square meters… tripled in 5 years
It was found that the sale price of officetels in the Gangnam area of Seoul has nearly tripled in five years. Even the pre-sale price of an officetel in Gangnam has become more expensive than an apartment building.
According to Real Estate R114 on the 11th, the average sale price of officetels in the Gangnam area of Seoul as of May this year reached 58.68 million won per 3.3 square meters. This is a level that has more than tripled over the past five years from 2016, when it was 18.43 million won. The average sale price at the end of last year was 54.68 million won, which is steadily rising even this year, when the real estate market is stagnant.
On the other hand, the pre-sale price of apartments in Gangnam-gu increased by 1.22 times from 2016 to 2020. The last apartment sale price in Gangnam-gu in 2020 was an average of 48.01 million won per 3.3 square meters. Since then, there have been no apartment sales in Gangnam-gu. In the same year, the average pre-sale price of officetel exceeded 50 million won, reversing the price of apartment pre-sale.
The lack of supply of apartments in Gangnam since 2020 is interpreted as the biggest effect of the private housing price cap system. The sale price ceiling system is a system in which the sale price is calculated by adding the appropriate profit of the construction company to the housing land cost (land price) and construction cost (construction cost), and the sale price is set to be sold below that price. From July 2020, the upper limit on the sale price of private housing sites, including private housing sites designated as overheated speculation districts, was re-enacted. As a result, the supply of apartments in the Gangnam area was cut off, and the demand for officetels increased. In particular, in the case of the Gangnam area, the land price is relatively high, so a high sale price can be set. From the same year, super-high-priced officetels with a sale price of 100 million won or more per 3.3 square meters began to appear in the Gangnam area.
Officetels branded by large construction companies will be supplied to the Gangnam area in the first half of the year. Hyundai Engineering plans to supply 148 rooms for ‘Banpo gas station officetel (tentative name)’ in June, and Hyundai E&C plans to supply a total of 165 rooms for ‘Hillstate Samsung’ in the same month.
Kwon Il, head of the Real Estate Info Research Team, said, “The market for high-priced officetels is growing rapidly as the transaction volume of officetels worth KRW 1 billion or more tripled compared to two years ago. As this is expected to be unavoidable, the increase in the pre-sale price of officetels may become steeper in the future.”
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