The End of the New-Build Era? How the Reconstruction and Redevelopment Promotion Act is Shaking Up Seoul’s Real Estate Market
Seoul's apartment market is undergoing significant changes. Seoul's apartment market is undergoing significant changes. The phrase "얼죽신" (meaning "I'd rather freeze to death than live in anything but a new build") encapsulated the recent trend of favoring newly constructed apartments. However, the government's announcement of the Reconstruction and Redevelopment Promotion Act is set to shift this trend. In this post, we’ll explore the current state and future outlook of Seoul’s apartment market in light of these changes. In recent years, Seoul's apartment market has been dominated by a strong preference for newly constructed buildings. Many buyers avoided the uncertainty and high costs associated with reconstruction projects, opting instead for the safety and modernity of new builds. This trend resulted in a widening price gap between newly built and older apartments, even within the same neighborhood. A prime example of this is found in Seoul’s ...