"There are no villa listings available. When they come up, they sell immediately. Many people are hopeful because the redevelopment will bring about 1,600 units. Right now, only multi-family housing listings remain," said a representative from a local real estate agency in the Mia-dong 75 area of Gangbuk-gu, Seoul, on July 29.
The representative noted, "Prices have been gradually rising, with current market values for multi-family homes at around 700 million to 800 million won, and for multi-unit and apartment buildings at about 400 million to 500 million won. Since this is a designated area, actual residency is required."
Exiting from Exit 1 of Mia-sagori Station in Gangbuk-gu and walking behind Lotte Department Store leads to Mia-dong 75. The narrow alleys are lined with red-brick multi-family and single-family homes, alongside long-standing local shops like a grocery store and a laundromat. Despite being a prime location close to downtown Seoul, the area has a landscape that seems frozen in time, but plans are underway for a large complex of up to 45 stories and 1,600 units.
The Mia-dong 75 area is located directly behind Exit 1 of Mia-sagori Station, adjacent to Lotte Department Store. It offers convenient access to central business districts like City Hall and Gwanghwamun, with travel times of about 30 minutes without transfers. The proximity to large department stores and commercial facilities enhances the area's livability.
However, entering the alley behind the department store reveals a starkly different scene. Most of the single-family and multi-family homes were built in the 1960s, and some alleys are so narrow that pedestrians must step aside for passing vehicles. The section leading toward Opaesan is notably steep, with several stair-connected alleys.
During a weekday morning visit, the neighborhood was relatively quiet. Older local shops and laundromats stood out more than franchise cafes or convenience stores, and residents were seen chatting in the shade outside their homes. This coexistence of a bustling transportation hub and an aging residential area is just a few minutes apart.
Signs of redevelopment efforts were evident throughout the area. A banner stating, "60% consent for designation as a maintenance zone received" was displayed at the site. The real estate representative remarked, "After the rapid integrated planning was confirmed, expectations for redevelopment have surged, and villa listings have essentially dried up. When properties do become available, they are traded quickly."
On March 19, the Seoul city government confirmed the rapid integrated planning for the housing maintenance-type redevelopment project in the Mia-dong 75 area. If the project proceeds as planned, it will result in a residential complex of up to 45 stories and approximately 1,600 units.
The project's feasibility has also significantly improved. Relaxation of regulations in transportation hubs will elevate the existing second-class general residential area to third-class general residential and quasi-residential areas, potentially increasing the allowable floor area ratio to about 246%. With public contributions factored in, this could rise to approximately 287%. Reports indicate that the maximum floor area ratio has been set at around 346.54% in the current plan.
The design of the complex takes surrounding conditions into account. The southwestern side, adjacent to the transportation hub, will feature a skyline of up to 45 stories, while the area near Songjung Elementary School will be planned at lower mid-rise levels to ensure sunlight access.
Infrastructure improvements are also on the agenda. Ohyun-ro to the north will expand from three lanes to five, while Opaesan-ro to the east will increase from two lanes to a maximum of four to five lanes. Nearby roads, including Dobong-ro 10-gil, will also be upgraded, and two parks along with social welfare facilities are set to be established.
The redevelopment project aims not only to replace aging housing but also to widen roads, create parks, and enhance urban infrastructure. The narrow alleys and deteriorating residential environment currently found in the Mia-dong 75 area are expected to undergo significant transformation through this initiative.
As I walked around the area, the old brick houses and winding alleys still retained their historical charm. However, the redevelopment banners and the real estate agency's assertion that "properties sell immediately when they become available" indicate that this neighborhood is already preparing for its next transformation. While the blueprint is in place, there are still lengthy procedures before actual occupancy, necessitating a careful examination of the project's stages and property rights.
* This article has been translated by AI.
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