There is a secondary market for officetels. It’s possible to resell your officetel for more than you originally paid for it. You should also be aware of the resale restrictions. These can be confusing and can lead to misunderstanding. We will look at the secondary market for officetels, its origins, floor plans, and resale restrictions. Hopefully, you’ll be able to make the best decision when purchasing an officetel.
Secondary market for officetels
Officetels are an alternative to the conventional hotel. They are a mix of office and residential space that can be rented out to businesses. Initially, officetels were designed as flexible office spaces, but today, the vast majority of them are residential properties. The price of officetels is generally declining as a result of this trend. Some officetels are ideal for small-scale entrepreneurs and professionals who want space efficiency, while others are favored by those who need both a home and an office.
Officetels can range in size from a compact mass incorporated within the built fabric to a full block. Some of them are so dense that they almost resemble the city, with numerous access points, semi-public spaces, and retail podiums. They may also include extensive ground floors and underground parking facilities.
Origins
In the early 80’s, the Korea Development Corporation built the first officetel in Mapo, Seoul. Soon after, the demand for officetels increased and other construction companies and housing cooperatives followed suit. Today, there are thousands of officetels throughout the country. These high-rise buildings feature restaurants and shops on the lower floors, making them the perfect choice for all-in-one living.
Floor plans
Officetels are distinct, multi-use buildings that can straddle both commercial and residential functions. Their distinctive formal typology is rooted in their repetitive base cell type, distinct circulation pattern, and multiple access points. While their origins are in the office building tradition, they have evolved into more residential forms in recent years.
Unlike traditional office buildings, officetels have no single purpose, and their flexible nature allows them to function as various types of spaces. Many officetels are designed as studio apartments, allowing occupants to live in one building and work in another, minimizing commute time. The space is mostly leased to small to midsize businesses and trading companies.
Resale restrictions
Resale restrictions on officetels are not as strict as they are for apartments and condos. The government closely watches the market for officetels. If an officetel is under 99 rooms, the owner can sell it. However, if an officetel is over 100 rooms, there are restrictions on reselling. Therefore, the applicant may expect to get a higher price for the unit if they are lucky enough to win the bid.
Moreover, the government has increased the floor heating area of officetels. Because officetels do not have balconies, their size is smaller than that of apartments. In general, an officetel’s exclusive area is 84 square meters, whereas an apartment’s is 59 square meters.
Benefits to investors
Officetels are a good investment option for real estate investors looking for a stable income. These apartments are typically located in central locations, and have several features that make them a good choice for investment. There are also various models to choose from, making it easier for investors to find the right property. These apartments are also well-maintained and are often repaired before they are rented out.
Officetel units are often studio apartments that allow tenants to live and work in one unit. These apartments are usually 10 to 15 percent cheaper than normal apartments and are suitable for individuals, start-ups, and foreign companies with limited liquidity.