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Real estate in South Korea
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Real estate in South Korea
Gangnam refers to three gus (wards) in southern part of Seoul, south of Han River, which includes Gangnam-gu, Seocho-gu and Songpa-gu. Apartment prices in Gangnam are the highest in South Korea, according to a Kookmin Bank analysis on apartment prices in the seven areas where prices have soared. Songpa-gu and Seocho-gu come second and third respectively followed by Cheongdam-dong, all in Seoul.[ citation needed ] Many multinational corporations are located in the Gangnam (강남) area.
Many consider the Pyeongchang-dong district in Jongno-gu as one of the wealthiest neighborhoods in Seoul. Situated within walking distance of Bukhansan National Park, the area is lined with two- or three-story houses with distinctive gable roofs, a symbol of upscale homes in Korean society. Due to its proximity to open spaces, the Pyeongchang-dong district is known as a more quiet area with hilly, tree-lined streets, in contrast to many neighboring districts with a more busy, urban feeling. The district also hosts two upscale hotels, the Bukak Park Hotel and the Olympia Hotel Seoul. [1]
Hannam-dong (한남동) is in the vicinity of the United Nations Village and contains residences of several high-ranking Korean officials and many foreign ambassadors. The Itaewon (이태원) area, close to the Yongsan Garrison of United States Forces Korea, is dotted with apartments, villas and large houses with gardens.
Seongbuk-dong (성북동) is a hilly area located near the wooded Mt. Bukhan.
Yeouido (여의도) is a large island within Seoul, and the center of Seoul's business district. Its 8.4 square kilometers are home to some 30,988 people. The island is located in the Yeongdeungpo-gu district of Seoul, and largely corresponds to the precinct of Yeoui-dong. Lying on the south edge of the Han River, it contains the National Assembly of South Korea, the Yoido Full Gospel Church, and many office buildings including the 63 Building and the headquarters of LG, and other chaebol.
Bundang (분당) is the southernmost district of Seongnam, South Korea. It is considered to be the thriving, beating heart of modern-day Seongnam. In the early 1990s, the Bundang area became a planned community as a response to alleviating the excessive demand for apartments in the similarly affluent, but much older Gangnam district area. Many of Bundang's early residents actually hailed from the Gangnam area, thereby distinguishing Bundang as an affluent borough in much the same manner as Gangnam. Before this period of expansion however, there was mostly farmland in this area. There are still a few farms in the Bundang area, particularly in the Pangyo area. As the demand for more housing continues, Bundang is expected to continue expanding.
Ilsan (일산) is the name of two districts (West and East) in Goyang, Gyeonggi-do. It is more organized and planned than the rest of the city, Goyang (Deogyang-gu), and its residents are generally more affluent. Ilsan is located northwest of Seoul. Like other satellite cities such as Bundang and Pyeongchon, Ilsan was planned in order to alleviate housing shortages in the city of Seoul. Ilsan has experienced phenomenal growth in the past 15 years, usually drawing in younger generations of upper middle-class Koreans.
Pangyo (판교) is planned for alleviating the excessive demand for apartments in Gangnam and Bundang. Today it is commonly referred to as Pangyo Techno Valley as it is South Korea's equivalent of Silicon Valley, and hosts many companies ranging from biotech to information technology. Most of its residents are affluent and many have migrated from the nearby areas of Bundang and Gangnam with a growing number of foreign residents because of the density of international companies.
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When comparing the rental deposits or jeonse with the apartment price, the ratio was the lowest for Gangnam apartments. The jeonse to house price ratio is often used as a tool to gauge whether or not the house price is inflated.
This unique way of renting a house is called jeonse; a renter makes a lump-sum deposit on a rental space instead of paying monthly rent, at anywhere from 50 to 100% of the market value, and gets back the whole deposit when the rent contract ends. The home-owner is free to invest the deposit as wanted, as long as the same amount of money is returned to the tenant at the end of the contract.
Since the jeonse price reflects the actual demand of people who reside in the area, the gap between rental deposits for jeonse and the apartment sales price means there might be an economic bubble in the apartment price.
Depending on the area, jeonse prices can range as much as 80% of the home's sale price. The expensive Gangnam area's jeonse is about 30% of the sales price because those properties are so expensive.
Yongin is a major city in the Seoul Capital Area, the largest in Gyeonggi Province, South Korea. With a population over 1 million, the city has developed rapidly since the 21st century, recording the highest population growth of any city in the country. Yongin is home to Everland and Caribbean Bay, South Korea's most popular amusement and water parks. The city is also home to the Korean Folk Village, the largest of its kind.
Seongnam is the second largest city in South Korea's Gyeonggi Province after Suwon and the 10th largest city in the country. Its population is approximately one million. Seongnam is a satellite city of Seoul. It is largely a residential city located immediately southeast of Seoul and belongs to the Seoul National Capital Area.
The Shinbundang Line or DX Line for Dynamic Express Line is a 31 km (19 mi) long line of the Seoul Metropolitan Subway. It is the world's fifth subway to run completely driverless and the second completely driverless metro line to open in South Korea, after Busan Subway Line 4. It connects Gangnam Station and Gwanggyo Station in 37 minutes, a feat achieved by being the first line to operate South Korea's next-generation subway car travelling at over 90 km/h (56 mph), with the fastest average speed of any subway in the country.
Bundang-gu is the largest and most populous district (gu) of Seongnam, a major city in the Seoul Capital Area, South Korea. Bundang-gu is one of South Korea's wealthiest and highest developed areas, being the nation's first and largest completely artificial city built in the early 1990s. Many high-rise luxury condos moved in the early 2000s, with a second planned city built in the late 2000s called Pangyo in the same district. Apartment prices are the second highest in Gyeonggi-do after Gwacheon and 10th highest nationwide, higher than many central Seoul districts such as Mapo-gu or Jongno-gu. Apartments around Pangyo Station and the high-rise luxury condos around Jeongja Station and Sunae Station rival prices in the most expensive areas in the country. Unlike older cities such as Seoul, Bundang has no telephone poles overground, resulting in a clean cityscape with well-designed streets.
Gangnam District is one of the 25 local government districts which make up the city of Seoul, South Korea. Gangnam literally means "South of the (Han) River". Gangnam District is the third largest district in Seoul, with an area of 39.5 km2 (15.3 sq mi). As of the 2017 census, Gangnam District had a population of 561,052. There is a high concentration of wealth in the district with prices for an apartment as of 2020 having risen by 83 times in 40 years compared to just 6 times in the rest of Seoul.
Daechi-dong is an affluent neighborhood in Gangnam-gu, Seoul, South Korea. Daechi-dong is divided into three different “dongs” which are Daechi 1-dong, 2-dong, and 4-dong. Daechi-dong is predominately considered the residential area of Gangnam. As a result, real estate in the area is highly competitive and expensive compared to other parts of Gangnam. The Yangjaecheon is a stream that runs through the heart of Daechi-dong.
Hyundai Department Store, together with Lotte Department Store and Shinsegae, is one of the three major department store chains in South Korea. It has 15 locations and more than $6 billion in annual sales.
Seoul Buses are public transit buses operated by the Seoul Metropolitan Government and/or private bus operators.
The Capital Region First Ring Expressway is an expressway, circular beltway or ring road around Seoul, South Korea. It connects satellite cities around Seoul, Ilsan, Namyangju, Hanam, Pyeongchon, Jungdong, Bundang, Pangyo, Sanbon and Gimpo. The expressway runs 127.6 km. Seoul Ring Expressway is currently under construction to widen the expressway between Anhyeon Junction to Seongnam which is expected to be finished in 2016.
Seohyeon-dong refers to two of the 19 dongs of Bundang-gu, Seongnam, South Korea, Seohyeon-1-dong and Seohyeon-2-dong. The total area is 8.36 km², with a population of 52,950, 32,686 in Seohyeon-1-dong (7.57 km²)[](May 2014) and 20,264 in Seohyeon-2-dong (0.79 km²)[](May 2014). To south there is Sunae-dong, to north there is Imae-dong, to west there are Baekhyeon-dong and Pangyo-dong, to east there are Bundang-dong and Gwangju city. It includes the busiest place in Bundang, AK Plaza. Ak plaza's clock tower is the most famous meeting place in Bundang.
Tancheon, a tributary of Seoul's Han River, is a stream beginning in the city of Yongin in Gyeonggi-do and flowing through Seongnam and then between the districts of Songpa-gu and Gangnam-gu in Seoul before entering flowing into the Han River. It has a total length of 35.6 kilometres.
Seocho District (Korean: 서초구) is one of the 25 gu which make up the city of Seoul, South Korea. Seocho is generally referred to as a part of Greater Gangnam Area, along with Gangnam District and Songpa District. As of 2019, Seocho District ranks as the second richest neighborhood in South Korea and among the most expensive areas in Seoul with an average sales price of 47.75 million South Korean won per 3.3 square meters. South Korea's rich are concentrated in the three Gangnam districts including Seocho, known as Gangnam-sam-gu.
Pangyo refers to a planned city surrounding Pangyo-dong, Baekhyeon-dong, Unjung-dong, and Sampyeong-dong of Bundang-gu and Siheung-dong and Sasong-dong of Sujeong-gu.
Banpo-dong is a dong, neighborhood of Seocho-gu in Seoul, South Korea. Banpo-dong is divided into five different dong which are Banpobon-dong, Banpo 1-dong, 2-dong, 3-dong and 4-dong.
Suji-gu, or Suji, is one of the three city districts in Yongin City, South Korea which is approximately 29 km south of Seoul. Suji became a city district on October 31, 2005, about nine years after Yongin officially became a city. When Yongin City was established in 1996, both urban and rural areas were covered to become a part of the city; thus to this day, Yongin's urbanization is varied throughout different regions of the city. Suji is one of the most urbanized areas of Yongin, as it borders Seongnam City's Bundang District and Suwon City, two more well developed areas. Home to the newly built Shinsegae Department Store and Dankook University in one of its towns, Jukjeon, Suji is rapidly developing as Yongin City becomes more and more urbanized. In recent years, the district has attracted upper-class Koreans, with the completion of the Samsung East Palace in 2010.
Bundang is a planned community in the Bundang-gu district of Seongnam, South Korea. It was developed to encourage affordable housing and urban decentralization. The community has a sports complex, a park and a youth center.
The Seoul Capital Area (SCA), Sudogwon or Gyeonggi region is the metropolitan area of Seoul, Incheon, and Gyeonggi Province, located in north-west South Korea. Its population of 25 million ranked as the fifth largest metropolitan area in the world. Its area is about 11,704 km2 (4,519 sq mi). It forms the cultural, commercial, financial, industrial, and residential center of South Korea. The largest city is Seoul, with a population of approximately 10 million people, followed by Incheon, with 3 million inhabitants.
Ilsan New Town refers to a planned city occupying Ilsandong-gu and Ilsanseo-gu of Goyang.
Korea Land & Housing Corporation (LH) is a government-owned corporation which is responsible for the development of land in cities, and the maintenance and management of land and housing.
Heolleung-ro (Korean: 헌릉로) is an road located in Gyeonggi Province and Seoul, South Korea. With a total length of 10.9 km (6.8 mi), this road starts from the Yeomgok Intersection in Seocho District, Seoul to Sanseong Station Intersection in Seongnam.
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