Gyeongju Real Estate Market Buzzing... Strong Impact of Non-Regulated Area Policy

The real estate market in Gyeongju is showing signs of reactivation. Apartment sale and lease prices are rising, and transaction volumes are increasing, indicating a shift in the real estate market trend. Additionally, due to the balloon effect of real estate regulations, small and medium-sized cities in the provinces are gaining attention, and demand is focusing on newly planned complexes.

In fact, apartment prices in Gyeongju have recently increased. According to KB Real Estate data, the average sale price of the 84㎡ unit at ‘Hyeopseong Huepore Yonghwang’ (moved in June 2017) located in Yonggang-dong, Gyeongju, is currently (October 2020) 335 million KRW. Compared to the price one year ago (October 2019) of 295 million KRW, there has been a total price increase of 40 million KRW.

Lease prices are also on the rise. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, an 84㎡ lease unit at ‘Hwangseong KCC Switzen’ (moved in January 2018) located in Hwangseong-dong, Gyeongju, was leased on August 28 for 250 million KRW (1st floor). Compared to a similar unit on the same floor leased on July 14 for 220 million KRW, the price increased by 30 million KRW in about two weeks.

Furthermore, with real estate regulations imposed on the metropolitan area and large provincial cities, the balloon effect is expected to benefit small and medium-sized provincial cities, improving the market further. In fact, according to the revised Housing Act in September, the resale restriction period in large provincial cities such as Busan, Daegu, and Ulsan has been strengthened from the previous 6 months to until the ownership transfer registration. On the other hand, in small and medium-sized provincial cities like Gyeongju, resale of pre-sale rights is possible immediately upon contract, and regulations on loans and acquisition tax surcharges for multi-homeowners are relatively relaxed.

Accordingly, the ‘Gyeongju New Centro Aileen’s Garden’ complex, scheduled for sale in November in the Yonghwang district of Yonggang-dong, Gyeongju, Gyeongsangbuk-do, is attracting attention. It will be built on the last available site in the fully developed Yonghwang district and supplied under the IS Dongseo ‘Aileen’s Garden’ brand, which is expected to draw high interest from buyers.

‘Gyeongju New Centro Aileen’s Garden’ is the last apartment complex to be built in the Yonghwang district, a residential land development zone in Gyeongju, allowing residents to enjoy the fully established infrastructure after moving in, enabling convenient living. Hwangnam Elementary School is located right in front of the complex, allowing children to commute safely on foot. Additionally, developments such as the planned Gyeongju Police Station new building and Lotte Cinema are expected near the complex, improving living infrastructure after move-in.

Moreover, within a 2 km radius of the complex are convenience facilities such as Homeplus (Gyeongju branch) and Hwangseong-dong Administrative Welfare Center. The complex is adjacent to Sindang-ro, Sindang Intersection, National Road No. 7, and Riverside Road, facilitating easy access to and from the city and convenient travel to other regions.

A sales official stated, “As this is IS Dongseo’s first apartment project in Gyeongju, it will feature differentiated floor plans, specialized designs, and diverse community facilities. Also, as the last apartment in the Yonghwang district, it has rarity, making it a competitive product.”

‘Gyeongju New Centro Aileen’s Garden’ consists of 7 buildings, ranging from 2 basement floors to 25 floors above ground, with units sized from 84 to 101㎡, totaling 795 households. The model house will be located in Yonggang-dong, Gyeongju, Gyeongsangbuk-do, and is scheduled to open in November.