'With 200-W300m in cash, you can buy a Seoul apartment': analyst picks his neighborhoods

A real estate analyst says it is still possible to buy an apartment in Seoul with as little as 200 million to 300 million won in cash.

Pyo Yeong-ho, chief executive of GoodMike, laid out the neighborhoods and a 2027 home-buying strategy for buyers with limited funds Wednesday through his economics and real estate YouTube channel, Pyo Yeong-ho TV.

"I have been getting a lot of inquiries lately asking whether it is possible to buy a Seoul apartment with 200 million to 400 million won in cash," Pyo said. "In a word — yes, it is."

Pyo acknowledged that the average price of a Seoul apartment has surpassed 1.6 billion won, but said buyers who focus on value-for-money neighborhoods and unit sizes can still find options. He added that first-time buyers and those who do not currently own a home can leverage mortgage financing to make a purchase with as little as the mid-200 million won range.

As a concrete example, Pyo pointed to Sanggye-dong in Nowon-gu. Units at Suraksan Park Ville near Suraksan Station are trading in the mid-800 million won range for 102-square-meter units, while larger units are relatively undervalued, Pyo said. Pyo also noted that Sanggye-dong's Geukdong and Neulpureun apartment complexes offer comparatively affordable listings, particularly in small-to-mid-size units, making them accessible to buyers with around 300 million won in cash.

In Seongbuk-gu, Pyo highlighted the Jeongneung Punglim I-One apartment complex. A 59-square-meter unit can be purchased for around 600 million won, Pyo said, describing it as a complex with high livability given its proximity to Bomun Station and an elementary school within the development.

Pyo cautioned against taking on excessive debt. "The banking sector's 40 percent debt service ratio limit is only a theoretical ceiling," Pyo said, advising buyers to keep their ratio below 30 percent when accounting for household financial strain.

Pyo also warned against panic-buying driven by fear of being priced out. "Rather than rushing to chase the market, buyers should look for nearby complexes that have not risen as much or units that are undervalued, and decide whether to buy only after carefully considering whether they can live there for at least five to 10 years," Pyo said.

min3654@heraldcorp.com