According to housing market statistics released by KB Bank’s property portal on Thursday, units in Cheongdam Xi, the tallest apartment block in Gangnam District’s ritzy Cheongdam neighborhood, were estimated to be over 18 million won more expensive than the average price of apartments on sale in the area. (Image: Yonhap)
SEOUL, Jul. 7 (Korea Bizwire) — As tall apartment buildings are proving popular in the South Korean housing market despite the country’s sluggish economy, an increasing number of home buyers are eyeing the residential skyscrapers around the country, which are widely seen as symbols of high social status and wealth, as well as landmarks in the local community for their dignified appearance.
According to housing market statistics released by KB Bank’s property portal on Thursday, units in Cheongdam Xi, the tallest apartment block in Gangnam District’s ritzy Cheongdam neighborhood, were estimated to be over 18 million won more expensive than the average price of apartments on sale in the area.
The current craze for tall apartment buildings in the housing market is being seen not only in Seoul but throughout the country, as exemplified in Chuncheon, where apartments in Lotte Castle Sky Class, a 38-storey residential building, were sold for prices much higher than the average in the region.
In Jinju, South Gyeongsang Province, the city’s very first 39-storey residential building saw home buyers flock to purchase apartments in the tallest building in the region, resulting in a 13 to 1 ratio of potential home buyers to available apartments.
Due to the spectacular views, better access to sunlight, and additional convenience facilities thanks to a low building-to-land ratio, tall residential buildings in South Korea often fare well in housing satisfaction surveys.
As a number of construction companies are scheduled to begin residential skyscraper building projects later this year, the popularity of residential towers in the housing market is likely here to stay.
M.H.Lee (mhlee@koreabizwire.com)
