Apartment prices in Manri-dong and Jungnim-dong in Seoul's Jung District, which border the Seogye-dong area of Yongsan District where redevelopment is under way, are rising quickly. The neighborhoods offer easy access to Seoul Station and short commutes to the downtown business districts of Gwanghwamun and City Hall. In Manri-dong, where redevelopment has produced new apartment complexes, units with a floor area of 84 square meters have topped 2 billion won and approached 2.3 billion won. In Jungnim-dong, an aging complex more than 20 years old has broken through 1.8 billion won to set a record price. As large projects nearby take shape — including the Seoul Station northern district mixed-use development, dubbed the "COEX of northern Seoul" — the area is being reassessed as a place to live.
Seoul Station Central Xi, an 84-square-meter unit, sold for 2.29 billion won last month, according to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 14th. Units of the same size were still trading in the 1.9 billion won range as recently as August last year, meaning prices moved well past 2 billion won in a single year. Built through the redevelopment of the Manri No. 2 district and occupied from 2017, the complex has 1,341 units and is the area's flagship development. Nearby Seoul Station Halla Vivaldi Central is also climbing. Its 84-square-meter units have recently traded up to the 1.9 billion won range, putting the 2 billion won mark within sight. Completed in 2018 through the redevelopment of the Manri No. 1 district, both complexes are prominent examples of low-rise residential areas transformed into clusters of new apartments.
In Jungnim-dong, Samsung Cyber Village is leading gains. An 84-square-meter unit changed hands for 1.85 billion won in August, a record price. That compares with 1.55 billion to 1.6 billion won in September last year, an increase of 250 million to 300 million won in a year. Although the 712-unit complex dates to 2001, its appeal lies in having Seoul Station as well as City Hall and Gwanghwamun within easy reach. Nearby Brownstone Seoul has also seen recent transaction prices rise, led by larger units, lifting prices across Jungnim-dong. Buyers are moving into large complexes with good access to the city center regardless of whether the buildings are new.
Industry watchers point to three factors behind the price gains in Manri-dong and Jungnim-dong: short commutes to downtown, the scarcity of large complexes and expectations for development around Seoul Station. The Seoul Station northern district project, stalled for years, broke ground in 2024, and as surrounding development plans become reality, an area once seen only as a business and transit hub is being reassessed as residential, analysts said. The Seoul Station northern district, scheduled for completion in 2029, will house MICE facilities with capacity for more than 2,000 people along with office and hotel space. Easy access to major business districts — Gwanghwamun and City Hall as well as Yongsan and Yeouido — is another factor supporting demand.
A real estate broker near Manri-dong said demand from people buying a home to live in has been steady because new large complexes are hard to find in central Seoul and both Seoul Station and Gwanghwamun are close by. "With the supply of new apartments limited, the scarcity of well-located complexes will only grow," the broker said.
