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Actual Property Costs Fluctuate as Choice Course of for Reconstruction of New Cities Begins in South Korea

Ilsan Search engine optimisation-gu condo complicated space in Goyang-si, Gyeonggi-do. /News1 © News1 Reporter Park Se-yeon

As the choice course of for the ‘Seondo Space’ for the reconstruction of the primary new cities (Bundang, Ilsan, Pyeongchon, Jungdong, and Sanbon) begins in earnest, actual property costs within the space are fluctuating. Particularly, landlords of complexes within the Seondo space are placing their houses up on the market at asking costs which are tons of of tens of millions of received cash larger than the earlier transaction value.

Based on the Ministry of Land, Infrastructure and Transport on the twenty fifth, the federal government will announce the ‘1st Lead Space’ for the primary new city reconstruction in November. To this finish, on the twenty second, the Ministry of Land, Infrastructure and Transport and all native governments launched an in depth ‘timetable’ and ‘scoring desk’.

© News1 Designer Joohee Yoon.

The quantity chosen for the primary flagship space is a complete of 26,000 households, together with 8,000 households in Bundang, 6,000 households in Ilsan, 4,000 households in Pyeongchon, 4,000 households in Jungdong, and 4,000 households in Sanbon. As well as, 1 to 2 extra areas might be chosen for every new metropolis, as much as 50% of the usual quantity, so the full quantity within the new metropolis is predicted to extend as much as 39,000 households.

On this means, because the plan to pick the Seondo space, which had been at the hours of darkness till now, grew to become clearer, home costs in complexes that had been pursuing built-in reconstruction confirmed a direct response.

Residence costs within the Seohyeon-dong and Sunae-dong areas of Bundang-gu, Seongnam-si usually rise.

The pilot Hanyang (2,419 households), belonging to the pilot complicated (complete measurement 7,769 households), one of many main areas, was listed on the market on the twenty fourth with a 134㎡ property (solely 40.79 pyeong) for 1.9 billion received (sixth). ground). This is a rise of 27% (400 million received) in comparison with the precise transaction value that ended on the eighth (1.5 billion received, eighth ground).

Hanyang Complicated 5 (1,430 households), 164㎡ (49.73 pyeong) included in Yangji Village (complete 4,892 households) in Sunae-dong subsequent door The present promoting value is about KRW 2.3 billion, and the value earlier precise transaction (KRW 1.95 billion, 12 It elevated by 18% (KRW 350 million) in comparison with the earlier ground.

An official from the close by H actual property company mentioned, “After the plan to pick the Seondo space was introduced, we obtained calls from not solely Seoul but additionally the provinces,” and added, “Owners who know the ambiance this good unwilling to fall. their asking costs.”

Indicators relating to deal with costs are already pointing to progress. This week (from the twentieth), condo gross sales costs in Bundang-gu, Seongnam-si rose by a mean of 0.03% in comparison with the earlier week, turning up for the primary time in every week.

Residence costs in Ilsanseo-gu, Goyang-si, which had fallen for the final 4 consecutive weeks, ended their decline this week by rising 0.04%, and the speed of decline in Ilsandong-gu (-0.13 % → -0.03%) a lower of 0.10% level, and about to show up I go away it.

Consultants predict that this upward development will proceed for a while. Lee Eun-hyung, a researcher on the Korea Development Coverage Institute, mentioned, “Being talked about as a number one reconstruction space is a really optimistic issue for the world and the housing costs within the complicated.”

He added, “Not less than when condo costs in different complexes in the identical space fall, home costs within the Seondo space will a minimum of catch up, or rise additional once they rise.”

joyonghun@newyddion1.kr

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