As major Seoul reconstruction projects in Apgujeong, Yeouido, Mok-dong and Seongsu near the end of contractor selection, attention is shifting to the next cycle. The focus is moving away from ultra-high-priced riverside rebuilds toward areas where large mixed-use development overlaps with renewal of older neighborhoods.
Industry officials said April 28 that Yongsan, Gwangjin, Nowon and Dongjak are emerging as leading candidates to reshape Seoul’s next housing map. While each has different advantages and development profiles, all have broad swaths of aging housing and are tied to major projects or changes in wider transport and business corridors. Unlike the earlier wave centered on luxury Han River reconstruction, the new group is driven by a mix of office-district expansion, station-area mixed-use projects, large-scale housing-district renewal and completion of New Town plans.
Yongsan is already a core axis of Seoul’s property market, but its western neighborhoods — including Cheongpa, Seogye, Huam and Yongsan-dong 2-ga — are still viewed as later-stage redevelopment areas. If the Yongsan International Business District moves fully into implementation, expectations for upgrading nearby older housing are likely to rise.
The Yongsan International Business District is planned on about 495,000 square meters. Seoul has outlined a plan that includes a landmark tower of around 100 stories and about 500,000 square meters of green space. The concept goes beyond office buildings to a mixed-use city combining residential, business, commercial and cultural functions. If the Yongsan rail yard area is reorganized into a central corridor linking downtown Seoul, Yeouido and Gangnam, pressure to redevelop surrounding low-rise neighborhoods is expected to increase.
In Gwangjin district, the Guui, Jayang and Gwangjang areas are also drawing attention. Located across the Han River from Seongsu, the area is cited as a “post-Seongsu” candidate because it offers access to Gangnam and the potential for Seongsu’s living sphere to expand. A key variable is the modernization project for the Dong Seoul Terminal, which could reshape local urban functions.
Seoul plans to modernize the Dong Seoul Terminal into a mixed-use complex combining transportation, office, retail and cultural functions. After traffic-impact assessments and architectural reviews, the project is being pursued with a target of starting construction as early as late 2026 and completing in 2031. If the aging terminal is converted into a regional transportation hub, it is expected to affect commercial activity and housing demand in the Guui-Jayang area.
Nowon district’s Sanggye, Junggye and Hagye neighborhoods are considered the largest reconstruction belt in northeast Seoul by scale. Built through large housing-district development in the 1980s, the area has dense apartment complexes that are more than 30 years old. Interest had been limited, but sentiment is changing after a large-scale renewal plan was finalized.
Seoul issued a final notice on Dec. 18, 2025, for the renewal plan covering the Sanggye, Junggye and Junggye 2 housing-district development areas. Under the plan, a site currently sized for about 76,000 households is expected to be reorganized into a core northeast residential mixed-use city of about 103,000 households. Higher-density development around transit stations and zoning upgrades could improve project feasibility. Still, the pace of work, resident consent rates and construction-cost burdens remain key variables.
Dongjak district’s strength is its location between Yeouido and Yongsan. In particular, Noryangjin New Town could be re-evaluated as a leading new-housing area in southwest Seoul after the project is completed. Demand is expected from people seeking shorter commutes, supported by access to Yeouido’s business district and potential spillover benefits from Yongsan’s development.
At the same time, some expectations in Dongjak have already been reflected in prices, creating a burden. As work accelerates in major Noryangjin New Town zones, the pressure from higher presale prices is also growing. Market direction is likely to depend on how much location premiums can absorb those higher prices.
A real estate industry official said it remains to be seen whether the four areas will lead Seoul home prices in the short term the way Apgujeong, Yeouido, Mok-dong and Seongsu did. “There are many variables, including differences in project speed by site, construction costs, interest rates and presale price regulations,” the official said. Still, the official added that “their mid- to long-term potential is sufficient” because major development corridors and renewal of aging housing are moving forward at the same time.
* This article has been translated by AI.
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