<%@LANGUAGE="VBSCRIPT" CODEPAGE="65001"%> `Corridor-Type’ Apartments Redefined
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    2008-03-23
`Corridor-Type’ Apartments Redefined

By Jane Han
Staff Reporter

The market has had a way of pigeonholing apartments into dwellers' class, even before one has set foot inside the property. But this built-in standard is about to get refurbished with changing trends in domestic real estate business.

``Corridor-type apartments, which were often downgraded in terms of price and class, are shrugging off their old reputation,'' said Kim Sin-jung, a real estate consultant at Speed Bank, a major Seoul-based property consultancy, adding that buyers are increasingly setting their eyes on these old structures for investment purposes.

Corridor-types, widely built more than 25 years ago, are usually small-sized in which some 20 units are lined up side-by-side on each floor with one shared elevator area. This multi-family type residence is very different to the bigger-sized, newer and pricier stairway-types where just two units share one elevator.

``Apartments say a lot about their residents,'' said Kim, ``so in that sense, it had been safe to think that more low-income households lived in these crowded units because they were cheaper.''

However, latest market research finds that prices of corridor-types are surging multifold.

Property Serve, a leading realty consulting and research agency, said Sunday that corridor-type apartments saw a near 5-percent price jump per 3.3 square meters this year, while stairway types edged up less than 2 percent. These patterns were common throughout the Seoul area.

The main reason for the rapid hike is because buyers are aware that these old buildings will soon undergo remodeling to become stairway-type structures, says the agency's researcher, Sohn Jae-seung. ``Since the remodeled units will be better valued on the market, smart investors are looking for older and more rundown buildings.''

Kim of Speed Bank said although these once downgraded residences are now enjoying popularity, they are slowly disappearing from the local property market as fewer people prefer to live in them.

``These units have a culture of their own since neighbors have a more cozy, community-like relationship,'' said Kim.

She added that although the traditional types are being replaced one by one, they are enjoying a good end as their value sees new highs.

jhan@koreatimes.co.kr