Residents Move into Hillstate Mediale as Eunpyeong District Transforms

On October 30, a day before the opening of the Hillstate Mediale in Eunpyeong District, Seoul, final maintenance work was underway on the road in front of the complex. As a 2,451-unit apartment complex replaces the old villa neighborhood, local merchants are preparing to welcome new residents.

“Business was tough when the villa neighborhood was demolished, and customers decreased. Now that a large complex is here, I hope sales will increase again,” said a merchant who has operated a chicken restaurant in the area for nearly a decade. “Small business owners can’t easily relocate when sales are down. The old buildings and narrow alleys have been replaced with improved roads and a better environment,” he added.

The move-in date for the Mediale complex, which redeveloped the Daejo 1 district, is set for October 31. It is the first of three projects collectively known as 'Buldaegal'—which includes Bulkwang 5, Daejo 1, and Galhyeon 1—to welcome residents. An incoming resident expressed optimism, stating, “I believe this apartment will be a starting point for change in Eunpyeong District.”

The prices for the new apartments are higher than those of existing complexes in the area, with the national standard apartment price nearing 1.6 billion won. However, in the rental market, landlords are lowering prices to attract tenants as they prepare for move-in payments.

According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, the move-in rights for an 84㎡ unit in Mediale were traded for 158.94 million won this month, up 21.2 million won from the same size unit's price of 137.735 million won last November. The 59㎡ units also saw a transaction price of 137.38 million won this month, surpassing the 127.5 million won price of a nearby 84㎡ unit in Bukgwang-dong last September.

Existing apartments in Daejo-dong have also been trading at higher prices compared to last year. A 59.4㎡ unit in Samsung Town sold for 65.5 million won this September, up 7 million won from 58.5 million won in September of last year.

Conversely, the rental market is experiencing price adjustments ahead of the move-ins. Local real estate agencies report that recent contracts for 59㎡ units in Mediale have been signed in the mid-50 million won range. Rental prices for 84㎡ units are listed between 70 million and 90 million won.

A local real estate agent noted, “There is a large supply of rental units, but fewer customers are looking, causing prices to drop. Landlords need to secure tenants before the payment deadline on December 29, so they are lowering rental prices to attract them.”

Following Mediale, redevelopment is also underway in the Bulkwang 5 and Galhyeon 1 districts. The Bulkwang 5 district, which will have 2,406 units, held a demolition groundbreaking ceremony on October 2. The goal is to complete demolition by July next year and begin main construction in October, aiming for completion by 2030. The Galhyeon 1 district, with 4,467 units, has completed demolition and is now under construction. The total supply from these three projects will be 9,324 units.

With the opening of the Yeonsinnae Station on the GTX-A line, the area is transforming from an aging residential neighborhood into a large apartment complex, improving living conditions. However, the staggered move-in dates for the three projects mean that the 9,300 units will not be supplied all at once.

Professor Seo Jin-hyung of Kwangwoon University’s Real Estate Law Department stated, “While large-scale supply may create temporary downward pressure on prices, sustained demand for housing in Seoul means this will not last long. Given the overall shortage of housing supply in Seoul, there are limits to long-term price stabilization.”