“The era of everything going up is over!”

Population decline, supply, and the PF crisis... New opportunities found amidst domestic and international turmoil.

How to distinguish between newly built apartments with guaranteed future value
- Basic principles for distinguishing between wheat and chaff in redevelopment and reconstruction
- The world's easiest real estate policy explanation
- Analysis of Director Kim Je-kyung's undervalued position

*Highly recommended: Passion, Wolcheon Daesa, Buongsan, True Copy, and Sampro TV*
*Major media outlets' financial technology show No. 1 real estate expert*

The real estate market is taking a breather.
With domestic and international issues such as loan restrictions, supply shortages, the PF crisis, and political turmoil, the theory of a real estate downturn is gradually raising its head.
It's 2025, a year when it's difficult to see even an inch ahead, but even so, one smart thing is still valid.
If you don't want to miss the optimal buying opportunity for higher-level stocks, you must read this book.
Because from now on, we need to secure a place to climb.
Director Kim Je-kyung, who specializes in redevelopment and reconstruction projects, has published his first book.
It clearly points out the supply cliff that will soon come upon us, the skyrocketing rents, and government policies.

Even amidst uncertainty and confusion, if you understand how the real estate market works and have clear "investment principles" for high-value, high-quality properties, you can beat the market.
So, in this era of hyper-polarization, what are the high-end properties that will remain strong over time? They are new apartments in Seoul, along with redevelopment and reconstruction projects.
It contains all the "principles" that will determine the direction of investment in new apartments and redevelopment/reconstruction in Seoul, including supply and demand, redevelopment projects, policies, development windfalls, and investment mindsets.
When everyone is worried about a crash, isn't it the job of an expert to accurately analyze momentum, prepare for the next market, and maximize returns? If so, you can't miss this book.

Even in an era of population decline, there are certainly regions that will survive.
Back in 2023, I predicted that the real estate market in 2024 would be "hyper-polarized."
The market collapsed in the second half of 2022, but after the 1.3 real estate measures were introduced in 2023, a meteoric rise occurred, with many complexes in the Gangnam area breaking all-time highs.
Even outside of Gangnam, the trend of rising prices has continued, especially in newly built apartments in Seoul, but the trend of 'prices rising only in places that are supposed to rise, and not in places that are not' is becoming more evident.
Polarization is emerging by region and product, and even within the same region, the gap between new and existing apartments, small and large, and near and outside of subway stations is widening.
This trend of hyperpolarization is expected to continue beyond 2025.
--- p.44, from “Chapter 1: The Illusion That the Era of Real Estate Investment Is Over”

The key is convenience.
That's why there's a saying that once you move into a new apartment, it's hard to go back to the old one.
Conversely, I don't think there will be a significant gap between generations unless there is innovation within the new generation.
Therefore, for the next generation of 5th-generation apartments to appear, they must provide innovative conveniences that will make it difficult to return to the past.
Looking at the communities of the many high-end complexes that exist today, they are nicely built, but not enough to be called fifth-generation.
You could call it the 4.5 generation.
Rather, not all newly built apartments are the same.
Even though it is a newly built apartment, in order to reduce the cost, they barely manage to meet the legal parking requirement, and there are many cases where the quality of the community varies.
No matter how new an apartment is, if the quality is poor, it will be difficult for it to become a top-class apartment.
It is being pushed out by conveniently built apartments.
--- pp.160-161, from “Chapter 2: There are new apartments with guaranteed future value”

The greatest advantage of investing in a maintenance business over investing in an apartment is investing in time.
I said I don't recommend investing in redevelopment or reconstruction for beginners, but if you're young, I encourage you to consider redevelopment projects.
Since the maintenance business is a business that converts time into money, the more time you have, the more advantageous it is.
Of course, the younger you are, the more likely you are to not know the basics of real estate, so there is a higher chance of making a bad investment. However, it is also an opportunity to get access to a newly built apartment in a good location compared to the money you have saved.
In the case of apartments, you buy them at their ‘present value’ and invest in their ‘future value’, and in the case of maintenance projects, you can expect profits even from their ‘present value’.
--- pp. 171-172, from “Chapter 3: Selecting Redevelopment and Reconstruction Projects with High Potential”

In the 10 years I've been working in the maintenance business, there's a phrase I've never said.
It is a definitive expression like “It is okay as long as the land share is over a certain number of pyeong.”
The location and requirements of each maintenance project site are different, so it is not possible to judge whether a project is 'good or bad' simply based on the standard of area.
With the transition from a progressive to a conservative administration, many new redevelopment areas are underway, and since the "Reconstruction Safety Diagnosis Rationalization Plan" announced on December 8, 2022, safety diagnosis has become a ceremonial procedure.
As the target area has expanded and overall regulations have been relaxed compared to the past, we can say that the era of prices going up just because a redevelopment project is being promoted is over.
In times like these, it is important to ‘separate the wheat from the chaff in maintenance projects.’
Also, we should not carry over the standards of businesses that were successful in the past to the present.
The construction market is currently in a very bad state, and the outlook for improvement is uncertain.
Therefore, we need to take a more conservative approach.
--- pp.203-204, from “Chapter 3: Selecting Redevelopment and Reconstruction Projects with High Potential”

We must trust the government's announcements, but we must distinguish between matters that cannot be resolved through government will alone.
The government's plan to ease the acquisition tax burden announced in 2022 is also unlikely to pass in the current National Assembly.
Although this acquisition tax surcharge relief plan is a tax policy announcement that has been in place for almost three years, according to a press release issued by the government at the time, it stated that it would be applied retroactively from December 21, 2022, when the National Assembly enacts the amendment to the Local Tax Act.
There may have been some who trusted the government's announcement at the time and purchased a home, but even then, I had said in numerous lectures and consultations that such a revision of the law would not be easy.
In this way, the real estate policies being promoted by the government and the ruling party, such as the abolition of the roadmap for realizing the current public offering price, the abolition of the two rental laws, the abolition of the heavy taxation on multiple homeowners, the abolition and relaxation of the excess profit recovery system for reconstruction, and the relaxation of regulations on safety diagnosis for reconstruction, are inevitably subject to the brakes in the current National Assembly.
--- p.340, from “Chapter 4: Real Estate Visibility Only When You Know Policies”

At every moment, the choice was difficult.
From the second half of 2022 to the first half of 2023, I didn't buy when the opportunity arose because I was afraid the price would fall further. In 2024, I didn't buy because I thought the price had risen too much, but it went up further.
I always missed it. If I had had the opportunity to buy real estate in 2014, would I have actually done so? Buying real estate in 2014 and 2015 required even more thought and conflict than I do now, amidst the speculation of a real estate crash.
When the August 2 real estate measures were announced after the Moon Jae-in administration took office in 2017, many experts sold their real estate, saying, “You shouldn’t fight the government.”
I didn't know it then.
The real surge began in 2017.
It may seem very easy when viewed from the future, but there were numerous issues at the time.
Rather, those days were filled with more negative stories, starting with oversupply.
The important thing is that it is already in the past.
It doesn't matter why you didn't buy it then.
Rather, you can buy without knowing the past.
If you are haunted by the ghosts of the past and the price you almost paid back then lingers in your mind, you cannot buy more, and if you keep looking at real estate prices and they go up further, you will regret not buying at that time. This cycle repeats itself.

--- p.377, from “Chapter 5: Investment Mindset and Location Analysis to Keep in Mind”