Apgujeong Hyundai Apartments See Sudden Sales with 1 Billion Won Price Drops

Following the government's 'August 3rd' tax reform, distressed properties at Apgujeong Hyundai Apartments, a prime location in Seoul's Gangnam district, have begun appearing at prices roughly 1 billion won lower than before. One unit, measuring 183 square meters, was listed at 10.5 billion won, now reduced by 500 million won. While many properties are in the 9 billion won range, a distressed sale at 8.7 billion won has also been confirmed. This development is drawing attention to its potential impact on the broader Gangnam apartment market.

Currently, Apgujeong Hyundai Apartments are in the pre-application phase for project execution plan approval for Reconstruction Zone 2. Once the application is submitted, the transfer of cooperative membership status will be restricted. This suggests that long-term residents are choosing to sell now, considering tax benefits and the window for transferring their status.

However, actual transactions remain sluggish due to the government's loan regulations, including the Debt Service Ratio (DSR). As fundraising becomes more difficult, potential buyers are maintaining a wait-and-see attitude, leading to a decrease in contract signings. Consequently, price adjustments are continuing, particularly for high-priced apartments in Apgujeong.