Incheon Real Estate Surges While Seoul Market Stalls... Rising Expectations for 'Cheongna Rapiano' Supply

Cheongna La Piano Bird's-eye View (Provided by RBDK)

The government's high-intensity real estate regulations aimed at curbing housing prices have been heavily enforced mainly in Seoul, resulting in neighboring metropolitan areas benefiting from the spillover effect. In particular, Incheon's upward trend is fierce. According to the Korea Real Estate Board, as of November last year, the housing sales index in Incheon rose by 0.48% compared to the same month the previous year, significantly outperforming the national fluctuation rate (-0.74%). In Seoul, the increase slowed to 0.42% during the same period.

Unsold housing units are also being rapidly depleted. According to data from the Ministry of Land, Infrastructure and Transport, as of the end of October, the number of unsold houses in Incheon was 833 units, a 75.9% decrease compared to May, marking the largest reduction nationwide.

Among these, areas with railway expansions or development prospects are expected to see value appreciation, with high expectations for Cheongna International City. Large-scale development plans are in place, including the extension of the Seoul subway, creation of new jobs, and improvements in living infrastructure and cultural facilities, indicating significant potential for future price increases.

First, the subway Line 7 extension project is scheduled to begin construction in the second half of next year, which will greatly improve accessibility. Currently, the Airport Railroad Cheongna International City Station is operational, and a direct connection project to subway Line 9 is also planned. The development of Starfield and Costco is gaining momentum. Starfield Cheongna began construction in the first half of this year and is planned to be completed in 2024. At the end of last year, practical negotiations with the headquarters for the opening of Costco Cheongna were conducted.

The City Tower, a long-awaited project for Cheongna residents, held its groundbreaking ceremony last year and construction is now underway. The City Tower will become the tallest observation tower in Korea and the sixth tallest in the world. The top floors will feature a top floor and sky deck, and inside there will be a complex facility where visitors can enjoy shopping and exhibitions. From the upper floors, views of the West Sea and Seoul's Namsan Tower are possible, and on clear days, even Kaesong in North Korea can be seen.

Additionally, plans include the Cha Medical Complex Center, International Financial District, and Urban High-tech Industrial Complex. Hana Financial Town has completed phases 1 and 2 of its occupancy and confirmed the relocation of its headquarters for phase 3. The number of employees working at the Hana Financial Town headquarters is estimated at around 7,000, with a total resident and training population including affiliates estimated at about 18,000.

On the other hand, with private apartment supply completed, the high scarcity of residential facilities has generated strong interest in upcoming complexes. A representative example is ‘Cheongna Rapiano,’ supplied in the area of 105-145, Cheongna-dong, Seo-gu, Incheon Metropolitan City. It is the first block-type detached housing in Cheongna International City, consisting of 34 buildings from basement level 1 to ground level 3.

Nearby are Hana Global Campus, Cha Medical Complex Center (scheduled for 2022), and Starfield Cheongna (scheduled for 2024), promising excellent proximity to workplaces. Public transportation options include Cheongna International City Station, buses, BRT, and GRT.

Despite having significant favorable factors, it is not included in the regulated area, so loans and resale are relatively free. Also, anyone aged 19 or older can apply for the sale without a subscription savings account, making it accessible to demand groups struggling to secure a home with low credit scores.

The current living infrastructure includes Homeplus, Lotte Mart, CGV, and Megabox centered around Cheongna Lake Park, and various cultural parks around the Canal Way connected to Cheongna Lake Park are also available. Additionally, public Cheongna Kindergarten and Haewon Elementary, Middle, and High Schools are located within 200m and 500m respectively, ensuring safe commuting for children.

By type, specialized spaces such as private gardens, terraces, and rooftops up to 74㎡ are provided, and high-definition CCTV, license plate recognition parking control systems, and electronic security systems monitoring outsiders, which are rarely found in existing detached houses, are also installed.

Unlike existing detached houses, the installation of cutting-edge systems is noteworthy. First, the Samsung Home IoT system will be applied for the first time in domestic detached houses, and the Samsung Air Monitor will be provided as a basic feature for the first time in domestic block-type detached houses. Through this, residents of ‘Cheongna Rapiano’ can control various devices by voice alone and check air quality in real time, as well as adjust temperature and humidity.

Meanwhile, the model house for ‘Cheongna Rapiano’ is planned to be set up at 1-844, Cheongna-dong, Seo-gu, Incheon, and telephone consultations are currently underway.