SK Bukhan Mountain City in Mia-dong Sees Surge in First-Time Homebuyers

Entrance to SK Bukhan Mountain City [Photo by Lee Eun-byeol]

Recently, SK Bukhan Mountain City in Mia-dong, Gangbuk District, has become a popular choice for first-time homebuyers in their 30s and 40s. With prices ranging from 600 million to 800 million won, along with its proximity to elementary schools and public transportation, the complex is emerging as a top option for those purchasing their first home.
On May 26, after exiting the second exit of Solsaem Station on the Ui-Sinseol Line, a five-minute walk revealed SK Bukhan Mountain City. Nestled along the slopes of Bukhan Mountain, this expansive complex consists of 54 buildings with over 5,000 apartments. The internal roads are wide enough to resemble a small new town.

Overview of SK Bukhan Mountain City [Photo by Lee Eun-byeol]

The entrance to the complex features a steep incline, which becomes more pronounced as one moves further inside. However, even from the innermost buildings, it takes about seven minutes to walk to Solsaem Station. On a weekday afternoon, students returning from school were a common sight throughout the complex. The shopping areas and playgrounds were bustling with residents, reflecting the lively atmosphere typical of large residential complexes.
Opened in 2004, SK Bukhan Mountain City is now considered one of the hottest properties in Seoul's real estate market, despite being over 20 years old. According to the real estate platform Asil, it recorded the highest number of transactions among apartments in Seoul from January to May this year, with 154 sales. The Ministry of Land, Infrastructure and Transport's real transaction price disclosure system also shows consistent activity, with 23 transactions in January, 32 in February, 32 in March, and 31 in April.

Signboard introducing SK Bukhan Mountain City [Photo by Lee Eun-byeol]

Prices are also rising rapidly. The Ministry of Land reports that this year, a 59.98 square meter unit sold for between 590 million and 720 million won, while an 84 square meter unit has recently reached around 800 million won, up from the low 600 million range. A 114.85 square meter unit has sold for as much as 847 million won.
Market analysts suggest that SK Bukhan Mountain City has largely avoided the impact of the loan regulations implemented last year. The price range of 600 million to 800 million won for 84 square meter units allows first-time homebuyers to utilize policy loans, making it more accessible.

Four-lane road within SK Bukhan Mountain City [Photo by Lee Eun-byeol]

A local real estate agent noted, "The age group with the most inquiries lately is those born in the late 1980s to early 1990s. Many are looking to buy their first home, live there for about 5 to 8 years, and then upgrade to new developments in areas like Gileum New Town or Wangsimni."
Families cite the area's educational opportunities and transportation as key advantages. The complex houses Samgaksan Elementary School and Samgaksan Middle School, along with two kindergartens and over ten daycare centers. Notably, Samgaksan Middle School is highly regarded for its academic performance, making it a popular choice among parents.

Hana Kindergarten within SK Bukhan Mountain City [Photo by Lee Eun-byeol]

Transportation is also relatively good. Residents can use Solsaem Station on the Ui-Sinseol Line, although the two-car trains can become crowded during peak hours. However, transfers to Line 4 at Sungshin Women's University Station and Line 6 at Bomun Station allow for travel to Gwanghwamun in about 30 minutes and Gangnam Station in around 50 minutes. The building's stairwell design and ample parking spaces are also favored by residents.
The rental market is heating up as well. According to Asil, a 84 square meter unit that rented for a deposit of 100 million won and a monthly rent of 1.45 million won last June is now being offered for 200 million won in deposit with the same monthly rent, or a deposit of 390 million won with a monthly rent of 600,000 won.
A local real estate agent remarked, "There are virtually no jeonse (long-term lease) listings available. The shortage of inventory means that even the units on the steepest inclines are seeing increased demand compared to before." They added, "Recently, a 59 square meter unit sold for 800 million won, reflecting rising prices."
Experts analyze that the supply shortage of rentals in the outskirts of Seoul, combined with loan regulations, is shifting demand to areas with relatively lower price burdens.
Nam Hyuk-woo, a researcher at Woori Bank's real estate division, stated, "Outlying areas like Gangbuk are experiencing a significant shortage of rental supply. While major areas along the Han River are heavily influenced by investment demand, outlying areas are driven by actual demand."
He continued, "As newlyweds and single-person households find the price range suitable for policy loans, demand continues to flow in. In the short term, we may see a 'price matching' phenomenon that narrows the gap with major areas in Seoul."
However, there are concerns about overheating in the market. One real estate agent noted, "Compared to earlier this year, many properties have increased by 10 to 20 million won in just a few months. Currently, there is a growing trend among buyers to observe market trends rather than rush into purchases."
Despite the steep slopes of Bukhan Mountain and its two-decade age, SK Bukhan Mountain City remains a favored choice among young homebuyers. The demand for homes that can be financed through loans in Seoul is making it a new benchmark in the outlying apartment market.

* This article has been translated by AI.

LEE EUNBYEOL star@ajunews.com