Reconstruction wave sweeps Seoul's Nowon-gu as Hagye Miseong prices near 2021 peak

Apartment prices in Seoul's Nowon-gu are climbing on the back of a reconstruction boom, as aging complexes across the district accelerate redevelopment plans. Hagye Miseong apartment complex, set to be transformed into a large-scale development of up to 49 stories and 1,020 units, has seen prices recover to their 2021 peak.

More than 20 apartment complexes in Nowon-gu are currently undergoing redevelopment projects, according to industry sources.

The most prominent is Hagye Miseong, located in Hagye-dong. Completed in 1989, the complex consists of six buildings and 685 units. Plans are underway to redevelop it into a large complex of up to 49 stories and 1,020 units.

The complex has been pursuing reconstruction for about three years, has secured resident consent from more than 70 percent of households, and is awaiting approval of its reconstruction promotion committee in early September. Designated as a leading redevelopment zone in Nowon-gu, the complex is expected to complete cooperative association formation around April next year, at which point more concrete reconstruction plans are expected to take shape.

Prices have risen in step with reconstruction expectations. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, an 84-square-meter unit at the complex sold in July for 947 million won ($686,000) on the ninth floor — nearly matching the 2021 record high of 950 million won for a mid-floor unit of the same size.

The complex's location within walking distance of Hagye Station on subway Line 7 is also a key draw. Nowon Station on Line 4 is just two stops away, and the area is well served by lifestyle and medical infrastructure including SaveZone and Eulji University Hospital. The planned opening of the Dongbuk Line, connecting Sanggye Station to Wangsimni Station, is expected to further improve transport access.

Nearby aging complexes are also joining the reconstruction push. Hansin Dongseong apartment complex, located close to Hagye Miseong, is preparing to be rebuilt as a development of up to 46 stories and 940 units. Completed in 1993 with 498 units, Hansin Dongseong underwent a public review of its redevelopment zone designation and improvement plan in May. Hagye Jangmi and Hyundai Useong apartment complexes are also moving through the reconstruction process.

The reconstruction momentum has spread beyond Hagye-dong to Junggye-dong and Sanggye-dong. Junggye Green apartment complex in Junggye-dong, built in 1990 and comprising 3,481 units, is expected to be redeveloped into a complex of up to 49 stories and 4,300 units. Its reconstruction promotion committee is currently awaiting approval.

Boram apartment complex in Sanggye-dong is pursuing reconstruction that would expand its current 3,315 units to up to 45 stories and 4,483 units. The complex sits within walking distance of three subway stations — Nowon Station on Lines 4 and 7, Madeu Station on Line 7, and Sanggye Station on Line 4 — giving it strong transport access. Sanggye Jugong complexes 6, 7 and 9, as well as Mido apartment complex, have also joined the reconstruction drive.

Because Nowon-gu is densely packed with apartments completed in the late 1980s, redevelopment timelines across the district are converging. The planned Sanggye New Town project around Buramsan Station and improvements to the wider transport network — including the GTX-C line — are fueling expectations of a sweeping transformation of the district's residential landscape. Industry observers say the wave of redevelopment projects is stoking price optimism in Nowon-gu as rising home prices continue to spread from central Seoul to outlying areas.