The price of newly built apartments in Cheongdam-dong, Gangnam-gu, Seoul, is rising sharply. With the move-in date for 'Cheongdam Leel' approaching in November, its asking price has surpassed 200 million won per 3.3 square meters. After moving in, it is expected to reach a level comparable to Banpo, which recorded 7 billion won for a 84 square meter unit.
According to the Seoul Real Estate Information Plaza on the 10th, there has been no transaction for 'Cheongdam Leel' since a 84 square meter unit was sold for 520 million won (31st floor) on March 22, when the land transaction permission system (land transaction permission) was briefly lifted. A 111 square meter unit of this apartment also gained attention after being traded for 700 million won (26th floor) on the 21st of that month.
'Acro Samsung,' located right next door, is in a similar situation. After moving in February, a 104 square meter unit was sold for 700 million won (15th floor) on February 26. This apartment is also currently not seeing any successful transactions.
A representative from a real estate agency in Cheongdam-dong noted, 'There is a wait-and-see atmosphere after transactions occurred when the land transaction permission was briefly lifted,' adding, 'The transactions were made without being able to see the properties, but based on location and expected views.'
Although Cheongdam Leel has not yet opened, it has become one of the places that has surpassed the '50 billion won' mark. Cheongdam Leel has joined the apartments in Banpo and Apgujeong. The Banpo Raemian One Bailey was traded at 700 million won, recording the highest price, while the Hanyang 1st Apartment in Apgujeongdong was sold for 600 million won (9th floor), and the Hyundai 14th (9th floor) and 5th (14th floor) were each traded for 520 million won.
According to the brokerage industry, the asking price of Cheongdam Leel is soaring five months ahead of its move-in date. The lowest price for the 84 square meter units is 590 million won. For high-rise units with direct views of the Han River, prices have reached 800 million won. The market expects that once residents start moving in at the end of this year, prices could reach levels similar to Banpo. Along with the Han River, traffic and school districts are well established, indicating potential for further price increases.
Ham Young-jin, head of the Real Estate Research Lab at Woori Bank, stated, 'Recently, the asking prices of newly built apartments in the Gangnam area are rising to the levels observed when the land transaction permission was lifted,' adding, 'Cheongdam Leel is close to Apgujeong and is a new build entering Cheongdam-dong for the first time in eight years, so there will be demand.'