My Home Is 84m²... Why Only Large Units in New Towns Are Setting Record Prices [Real Estate AtoZ]

Scarcity Grows Due to Limited Supply

Transactions for large apartments with an exclusive area exceeding 85 square meters are increasing in new towns across the Seoul metropolitan area, with record-high prices being set one after another. While supply of new apartments is centered on small- and mid-sized units, demand among existing residents to move to larger homes within the same living area is growing, highlighting the scarcity of large units.

According to real estate market analysis firm Real Estate Info, which analyzed statistics from Korea Real Estate Board as of July 7, a total of 16,118 apartments with an exclusive area over 85 square meters were sold in the Seoul metropolitan area from January to May this year. This is an increase of about 20% compared to 13,437 transactions in the same period last year. The growth rate outpaces the overall increase in apartment transactions in the metropolitan area, which was 18% during the same period.

Perspective view of 'Godeok International New City Sujain House D' in Pyeongtaek-si, Gyeonggi Province. BS Hanyang · Daebo Construction

The increase was more pronounced in areas that include new towns. In Hwaseong, home to Dongtan New Town, the number of large apartment transactions jumped by 119% over the past year. In Yeongtong-gu, Suwon, which includes Gwanggyo New Town, the figure rose by 28%. Large apartment transactions also increased in Pyeongtaek, which includes Godeok New Town, and in Gimpo, where Gimpo Hangang New Town is located.

Prices are also setting new records. In May, a 117 square meter unit at 'Pangyo Prugio Grand Bleu' in Pangyo New Town was sold for 4.18 billion won, setting a new all-time high. At 'Dongtan Station Lotte Castle,' a landmark in Dongtan New Town, a 102 square meter unit changed hands for 2.325 billion won in April. The 'Hillstate Godeok Sky City' in Godeok New Town, Pyeongtaek, saw a 106 square meter unit traded for 1 billion won earlier this year, joining the so-called '1 billion won club.'

Supply is failing to keep up with demand. According to Real Estate R114, out of 802,238 apartments built in new towns nationwide, only 180,479 units are larger than 85 square meters in exclusive area. This accounts for just 22% of the total. Among these, 80% are in complexes that are more than 10 years old. Large units are rare, and newly built large units are even scarcer.

New towns tend to supply mainly small- and mid-sized units, such as 59 and 84 square meters, during the initial development phase. Later, as schools, commercial facilities, and transportation networks are established and the income and family size of residents increase, demand emerges for larger homes within the same living area. However, the number of large units per complex is limited, making such listings rare. Land available for new construction is also scarce. As demand rises and supply is constrained, home prices go up.

Current Status of Large Apartment Supply. Real Estate Info

Against this backdrop, Real Estate Info reported that a new complex including 101 square meter units is currently being supplied in Godeok International New City, Pyeongtaek, Gyeonggi Province. BS Hanyang and Daebo Construction are offering 'Godeok International New City Sujain House D' through the Godeok International Planning District P2 package project. The complex is being built on Block A-67 of Godeok International New City and will consist of four buildings, 2 basement floors and up to 23 above-ground floors, totaling 403 units. The pre-sale price ceiling system applies. The complex comprises 107 units of 84 square meter Type A, 90 units of 84 square meter Type B, 59 units of 84 square meter Type C, and 147 units of 101 square meters. Four out of every ten units are 101 square meters. The 101 square meter units have a layout that includes an extra room (alpha room), pantry, and dressing room. One of the rooms can be used as a home office, a study for children, or additional storage space.

A Real Estate Info official stated, "In new towns, actual demand from family-oriented end-users for long-term residence is strong, and as the city matures, demand to move to larger homes within the same living area increases as well. If new large apartments with good transportation, educational, and work conditions are supplied in areas previously dominated by small- and mid-sized units, their scarcity could translate into increased asset value."

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