Apartment sale prices are skyrocketing in areas not subject to the price cap system. Last month, average sale prices per 3.3㎡ in Seoul's Noryangjin New Town, Dongjak-gu, surpassed 70 million won, and a complex has now emerged that has broken the 80 million won mark just a month later.
According to the Korea Real Estate Board's Cheongyak Home system on Wednesday, the sale prices of 84㎡ units at Acro River Sky, which is being redeveloped in Noryangjin District 8, have been set between 2.4992 billion won and 2.7958 billion won. Based on supply area, the sale price per 3.3㎡ ranges from 71.78 million won to 80.01 million won.
The 84㎡ sale price at Acro River Sky is more than 200 million won higher than that of La Claché Xi De Fine (2.2873 billion won to 2.5851 billion won), which was launched in the same area last month. Despite the high-price controversy, La Claché Xi De Fine posted an average competition ratio of 26.9 to 1 in its general sale and was effectively sold out. Summit The Hill in the Heukseok New Town, which is scheduled for sale as early as the end of this month, is also expected to be priced at around 85 million won per 3.3㎡, suggesting that the high-price trend in non-price-cap areas will continue.
While sale prices at reconstruction complexes in the Gangnam area, which are subject to the price cap system, have been held down, prices in non-Gangnam areas have been soaring, but there are no proper mechanisms to control them. Critics point out that because construction costs vary widely from complex to complex, redevelopment and reconstruction associations are reaping excessive profits through rough-and-ready sale price calculations.
