Raemian One Bailey logs first trade at 200 million won per pyeong this year; nearby complexes also hit record highs as listings dry up

Raemian One Bailey apartment complex in Banpo-dong, Seocho-gu, Seoul. [The Herald Business DB]
Raemian One Bailey apartment complex in Banpo-dong, Seocho-gu, Seoul. [The Herald Business DB]

Gangnam apartment prices, which had appeared to stall under strong warnings from President Lee Jae-myung targeting multi-home owners and high-end properties since the start of the year, are rebounding. Raemian One Bailey — widely regarded as the flagship complex in Banpo — has recorded actual transactions above 10 billion won, while nearby complexes are also logging record highs and rising sales prices in quick succession.

According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, a 133.95-square-meter unit (exclusive use area; 52 pyeong) at Raemian One Bailey in Banpo-dong, Seocho-gu, Seoul sold for 10.55 billion won ($7.6 million) on May 23. The same unit type had set an all-time high of 10.6 billion won in December 2024, meaning prices have now recovered to near that peak.

The deal marks Raemian One Bailey's first transaction this year to exceed 200 million won per 3.3 square meters (one pyeong) and its first sale above 10 billion won in 2026. So far this year, Banpo has seen three transactions above 10 billion won — one at Raemian One Pentas in March and two at Raemian One Bailey.

Record-high deals are also emerging at nearby complexes. A 155-square-meter unit at Raemian One Pentas sold for 8.55 billion won on May 15, setting a new all-time high, while a 107-square-meter unit at Sinbanpo 19-cha in Jamwon-dong fetched a record 4.05 billion won on May 8. Acro River Park — long considered Banpo's original flagship complex — saw its 84-square-meter unit change hands at a record 6.3 billion won on May 19, approaching 200 million won per pyeong.

Apartment prices in the Banpo area, which drive market prices across Seocho-gu, had been falling from February through April as listings increased ahead of the reinstatement of the capital gains tax surcharge on multi-home owners. Since last month, however, a sharp drop in available listings has pushed prices back up. At his first-anniversary press conference on June 8, President Lee said prices "would have surged enormously" had the government not intervened verbally since January — yet the high-end housing market that regulators have directly targeted is now showing a sustained rebound.

The trend is clearly visible in market indicators. Seocho-gu apartment prices rose as much as 0.05 percent in the third week of February, then turned negative in the fourth week of February — after President Lee made remarks targeting multi-home owners and high-end property holders on X (formerly Twitter) and at Cabinet meetings — and fell for nine consecutive weeks through the third week of April, dropping 0.03 percent at their lowest. Prices turned positive again in the last week of April, rising 0.01 percent, and have climbed for six straight weeks through the first week of June, gaining 0.21 percent.

"Once the capital gains tax surcharge took effect, the supply of listings shrank while demand remained unchanged, making a price rise inevitable," said Ko Jun-seok, a professor at Yonsei University's Sangnam School of Management. "Cash-rich buyers continue to seek out new-build complexes in Banpo, which is why record-high transactions keep getting signed."

With President Lee reaffirming at his anniversary press conference his intention to increase the tax burden on high-end and multi-home owners, upcoming tax measures — including a planned tax reform package in July — could become a key variable for the Gangnam real estate market. Some analysts caution, however, that higher property holding taxes or capital gains taxes on expensive homes could simply be passed on to tenants and buyers, keeping sale prices in a mild upward drift.

"A heavier tax burden is more likely to be passed on than absorbed," Ko said. "Multi-home owners may raise rents to offset the tax hit, and higher jeonse and monthly rent prices tend to feed through into home prices — so the Gangnam housing market will probably hold a mild upward bias for now."

다주택자 급매 소진 후, 서울 거래 32% 줄고 집값 1.55% 올랐다[부동산360]

다주택자 급매 소진 후, 서울 거래 32% 줄고 집값 1.55% 올랐다[부동산360]

다주택자 양도소득세 중과 유예 종료를 앞두고 4월에 신청이 몰린 뒤, 5월 들어 거래 신청이 둔화된 영향으로 지난달 서울 아파트 토지거래허가 신청 건수가 전월보다 30%
https://biz.heraldcorp.com/article/10768987


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