Seoul's 'last slum' apartment prices near $1 million, breaking outer-city affordability

Baegsa Village in Seoul's Nowon District, long recognized as the capital's final "달동네" (daldongne, or slum), is on the cusp of a dramatic transformation. The area is slated for redevelopment into a modern, large-scale apartment complex, signaling the end of an era for the neighborhood's traditional low-rise housing.

As the redevelopment progresses, preliminary figures suggest a significant shift in the area's property values. The projected sale price for a standard 84-square-meter unit, often referred to as the "national standard size," is reportedly nearing 1.5 billion won. This figure, while not yet officially confirmed, is already sparking discussion.

This potential price point is particularly noteworthy as it challenges a long-standing assumption about Seoul's housing market. The notion that the city's outer districts offer a more affordable alternative to central Seoul is increasingly being questioned. The rising costs in areas like Baegsa Village suggest that the definition of "affordable" housing in the capital is rapidly changing, pushing the boundaries of what residents can expect to pay even on the city's periphery.