Real estate common sense: Growth factors of real estate in Daechi-dong, Korea’s No. 1 education district

Daechi-dong is the center of Seoul and is loved by many as a residential area due to its excellent educational environment and abundant living infrastructure. I believe that a deep understanding of the characteristics of Daechi-dong and a good knowledge of the changes and trends within the region will be the best real estate solution for customers considering investing in Daechi-dong real estate.
I am in charge of the sale of the commercial space in Daechi First Building at Exit 7 of Daechi Station starting this quarter. I currently live in Daechi-dong and am also a parent who sends two children to Daechi-dong elementary and middle schools. While selling the commercial space in Daechi-dong, I realized that many people have preconceived notions about Daechi-dong, so I would like to tell you a realistic story about Daechi-dong from the perspective of an insider in Daechi-dong.

1) What does academic background mean to parents in Daechi-dong?

Any parent who is interested in the education of school-age children and has been exposed to private education in Daechi-dong in particular cannot help but consider moving to Daechi at least once. Daechi-dong itself has a strong brand image as an 'educational center with schools and academies'. As a working mom in Songpa, I received help from a riding aunt during the week and rode my two children on the weekends. I began to worry deeply about whether I could wait for over a dozen years in this traffic hell until classes were over or go back home and back. Furthermore, the system of waiting endlessly during the school hours of the famous Hwangso Math Academy, which never seemed to end, was a factor in my decision to move to Daechi. Even before moving to Daechi-dong, I went ahead with the move and transfer despite my husband's dissuasion, saying, "A magpie will tear its legs if it follows a stork." Although I had vague anxiety about Daechi, that anxiety gradually subsided as I began to participate in the mothers' group. The mothers in the group looked plain, and did not show any intention to show off their family wealth even in their conversation. I think the purpose of many Daechi-dong parents is to educate their children, and there are so many parents and grandparents in each household that it would be ridiculous to step forward. Daechi-dong must be a romantic place for parents who are serious about their children’s education.
Then, what occupational group is the most numerous? It is no exaggeration to say that the key figures in the current mecca of college entrance exams, medical school entrance exams, and parents of doctors who have hospitals to pass down not only in Seoul but also in Gangwon-do and Chungcheong-do, make up half of one class. Next are professors, lawyers, executives of large corporations, and some in the financial sector. There are also entrepreneurs and people in the arts. Do they really think that academic background is everything and gather in Daechi-dong? Does Vice President Lee Boo-jin of the Samsung owner family send her children to Whimoon High School and have them receive private education in Daechi-dong because she thinks academic background is the most important? 

 

For parents in Daechi-dong, educating their children is a basic skill. They are trying to raise their children well in Daechi-dong, a traffic hell, by giving up the new construction and the Han River view, showing how much sincerity and devotion they put into basic skills. Academic background is not everything, but basic skills and the beginning of social life. If the whole family and the whole village put their heart and soul into acquiring basic skills, these children are likely to have the strength to sit up and endure whenever they face difficulties in the future. On the other hand, it can be said that it is an effort to foster the strength to protect what will be given to children because they have a lot to pass on. In Daechi-dong, the school district does not only refer to the so-called Gangnam 8 school districts, but also includes the accessibility and members of the private education market. If we simply look at the fact that children go to high-quality Daechi-dong academies, it can be said that there is not much difference from nearby areas such as Seocho, Songpa, and Gwangjin. However, children learn and grow through each other at school and at academies. They say that studying is not everything in life, and life is long. We see people who have grown up with their children, raised with great care by intellectuals with similar values or educational views, living in Daechi-dong for a long time until they get married. There are fewer families who just leave after their children finish their education. In other words, they want to give their children good friends and connections as a bonus, at least in terms of probability or ratio. Daechi-dong's priority apartments, such as Woosung, Seonkyung, Mido, and Eunma Apartments, are being prepared for reconstruction one after another. Among these, there is a movement to promote one-on-one reconstruction, unlike general reconstruction.

Summer scenery of Yangjae Stream with lush trees seen from the living room of Seonkyung Apartment

It is interpreted to mean that it is a place that has the power to push forward high-end reconstruction with both a school district and a view of Yangjae Stream without investing in construction costs and a social mix. Just as Apgujeong Hyundai, which currently has a view of the Han River, is talking about a one-on-one reconstruction, Daechi-dong's priority is the development of the Hyundai Motor Group Global Business Complex (GBC) in Samseong-dong, the opening of the GTX, a metropolitan express railway, and the Wirye-Sinsa Line, and if it embraces the view of Yangjae Stream, the day may come when it surpasses the value of the Han River view.

Continued in next issue

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