SEOUL, March 23 (Korea Bizwire) – With many modern Koreans confined t0 cities but longing to get in touch with nature, demand for houses and residential buildings with terraces is growing quickly.
Over the last two years, more than 5,000 ‘terrace’ housing units in 16 apartment complexes were sold, according to a study conducted by Shim Hyung-suk, a professor of real estate and finance at Youngsan University.
Many urban residents living in a so called concrete jungle tend to develop what is described by American biologist E. O. Wilson as biophilia, an innate tendency to seek connections with nature and other forms of life. And the recent trend in the housing market seems to reflect the preference for nature among Koreans.
When the number of housing units with a terrace is broken down to district level, the Seoul Capital Area – which consists of the city of Seoul and its environs – had 2,900 households in nine apartment complexes. The Yongnam and Chungcheong regions followed with 1,247 and 1,072 households, respectively.
The term ‘terrace house’ generally refers to residential buildings with inclined surfaces which allow extra space to be used as a terrace, providing better access to more light and a view.
Professor Shim warns there is a caveat in buying a terrace home, however.
A terrace is different from a balcony in that one has an open ceiling unlike the other. Terms like ‘pocket terrace’ or ‘open balcony’ are being bandied about too often as developers find ways around the strict definition of a terrace, and pass half-hearted, poor replacements off as terrace homes.
Home buyers with an eye for nature are being urged to look closely at the type of housing they are considering purchasing, as terrace homes can come in all shapes and forms including apartments, townhouses, and building complexes.
Some residential buildings that are being promoted as ‘terrace houses’ might be guilty of false advertisement, when only households on the ground floor and top floor are given a terrace.
“Developers need to think of ways to apply the perks of a terrace house to tall apartment buildings,” Shim urged amid growing demand for terrace homes.
Ashley Song (firstname.lastname@example.org)