The price of move-in rights for the Olympic Park Foreon in Dunchon-dong, Gangdong-gu, Seoul, which attracts market attention as the largest apartment complex in the country, has continued to soar. The move-in rights for the unit type known as the national standard, with a dedicated area of 84㎡, were traded at nearly 2.7 billion won on the 27th of last month. The move-in rights for larger unit types are being traded for over 3 billion won.
According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, 44 transactions of move-in rights for the Olympic Park Foreon were recorded from January 1 this year to the 10th. Move-in rights refer to buying apartments from redevelopment and reconstruction association members.
Based on the 84㎡ type, the highest transaction this year was recorded at 2.665 billion won on the 14th of last month. A unit with a dedicated area of 84.99㎡ on the 15th floor was traded for 2.665 billion won. This is close to the record high set at the end of last year. Previously, on December 26 last year, the move-in rights for a 20th-floor unit of the same area were traded for 2.7 billion won, setting a new record. Considering that the sales price for the Olympic Park Foreon in December 2022 was a maximum of 1.3204 billion won for the 84㎡ type, the price has more than doubled in two years.
The large unit types have also surpassed the 3 billion won mark. A unit with a dedicated area of 109.98㎡ was exchanged for 3.1 billion won (34th floor) on March 1. Previously, on February 28, a unit with a dedicated area of 134.97㎡ was traded for 3.65289 billion won (17th floor).
The Olympic Park Foreon is the largest apartment complex in the country. It consists of 85 buildings, with three underground floors and six to 35 above-ground floors, totaling 12,032 households, located in the area of 176-1 Dunchon-dong. Recently, conflicts have arisen between the associations and the commercial property owners.
Due to the preference for new constructions and large complexes, there has been a rapid increase in prices over a short period, leading to differing opinions among experts regarding future value. Sook-hee Jang, the chief researcher of the real estate team at Shinhan Investment Corp., noted, "Due to the location near Olympic Park and the advantages of being a large complex, asset value will continue to rise in the future." Professor Hapsu Park of the Konkuk University Graduate School of Real Estate stated, "It is a large complex, and the preference for new constructions has significantly increased prices in the short term, but it seems difficult for further price rises as this has already been sufficiently reflected in the prices."