Is Seoul's Housing Market Bottoming Out? Sales Sentiment 'Stirring', "The Sharp Park Soleil" Launch

- Sold-out news of major housing complexes continues everywhere
- Attention drawn to non-regular subscription for The Sharp Park Soleil Yu in Gangdong-gu, Seoul

Since the second half of last year, the real estate market, which faced concerns of a hard landing due to economic recession, interest rate hikes, and perceptions of peak housing prices, appears to be thawing as sales sentiment improves with reports of sold-out major complexes centered in Seoul and a gradual recovery in transaction volumes.

According to industry sources, 'Olympic Park Foret On (Dunchon Jugong)', the largest reconstruction complex in the country, recently sold out all 899 units available through non-priority subscription for ultra-small units. Previously, the general sale contracts for 4,768 units recorded a contract rate of 81.8%. At that time, while mid-to-large sized units were sold out, there were concerns about unsold small units due to significant undersubscription. However, on the 8th, the non-priority subscription received 41,540 applications, closing with an average competition rate of 46.2 to 1.

In addition, complexes such as 'Mapo The Classy', which set the highest pre-sale price in the northern Seoul area, 'Jangwi Xi Radiant', 'Gangdong Heritage Xi', and 'Riversen SK View Lotte Castle' all succeeded in selling out within a short period. 'Gwangmyeong Cheolsan Xi The Heritage' in Gyeonggi, which experienced undersubscription in the first-priority subscription, is also reported to have completed first-come, first-served contracts.

The 'Yeongdeungpo Xi Dignity' is gaining attention as a latecomer in the sold-out streak. Early this month, a subscription with a score of 75 points was recorded here. The general supply competition rate also reached 198.8 to 1, suggesting smooth contract completion.

Housing transaction volumes are also rising accordingly. Transactions have increased mainly through quick sales, causing asking prices to rise. According to the Korea Real Estate Board's apartment sales supply-demand trend, the Seoul apartment sales supply-demand index recorded 000. This is an increase of 000 compared to 63.1 recorded at the end of December last year before regulations were eased.

Accordingly, the volume of apartment sales transactions in Seoul is also increasing. According to the Seoul Real Estate Information Plaza, the number of apartment transactions in Seoul in 0 month this year was 0000, and the transaction volume, which had not exceeded 1,000 since last June, surpassed 1,000 again starting from January this year.

An industry expert said, "Although it is still early to talk about a rebound atmosphere as transactions are mainly quick sales, the figures suggest the market has bottomed out," adding, "The Seoul real estate market serves as an indicator for the national market, so if a favorable wind blows in the Seoul market, the metropolitan and regional markets are likely to revive as well."

As the Seoul real estate market shows signs of gradual recovery, there is a complex in Seoul preparing for a non-priority subscription.

'The Sharp Park Soleil Yu', a reconstruction project by POSCO E&C in the Samik Villa area of Dunchon-dong, Gangdong-gu, Seoul, recorded the highest subscription competition rate of 72 to 1 in the November subscription and will accept non-priority subscription applications for some remaining units on April 5.

The complex will be developed with 195 units across four buildings, ranging from two basement floors to ten above-ground floors. Scheduled for move-in by June 2023, it is an unusually fast post-sale complex.

Additionally, The Sharp Park Soleil Yu boasts excellent location advantages. First, its transportation environment is outstanding. Access to the Metropolitan Area 1st Ring Expressway via Seohanam IC makes travel across Seoul convenient, and it is located close to Dunchon-dong Station on Line 5 and Jungang Veterans Hospital Station on Line 9, facilitating easy public transportation use.

The Line 9 extension project, starting from Jungang Veterans Hospital Station, is also planned, which will connect via Godeok Station on Line 5 to Godeok Biz Valley, advanced business complexes, and engineering complex districts.

Excellent residential conditions follow. Large marts such as E-Mart Cheonho Branch and Dunchon Traditional Market are accessible, and Hyundai Department Store Cheonho Branch is nearby. Iljasan Natural Park is within walking distance, and Olympic Park and Hangang Park are close by, allowing residents to enjoy natural surroundings even in the city.

Moreover, Jungang Veterans Hospital is within walking distance, and large hospitals such as Gangdong Sacred Heart Hospital, Gangdong Kyunghee University Hospital, and Seoul Asan Hospital are nearby, providing convenient access to major medical facilities.

With such outstanding location advantages, The Sharp Park Soleil Yu is attracting attention not only from actual residents but also from investors. Since the non-priority subscription regulations were lifted in February, anyone nationwide, including homeowners, can apply for non-priority subscriptions. The removal of the residency obligation allows units to be rented out, enhancing investment value.

Meanwhile, The Sharp Park Soleil Yu has opened its model house to visitors and is currently conducting non-priority subscriptions today.

This content was produced with the assistance of AI translation services.