Active Investment Wave in Changwon Real Estate Market Amid Regulatory Bombardment! Attention on 'Changwon Jinhae Vision City Woobang IU Shell' Sale

-Highly scarce small to medium niche 76㎡ units, 5 million KRW deposit and interest-free interim payment 'benefits'

As the government expands real estate regulations beyond the Seoul metropolitan area to include provincial metropolitan cities, attention is focusing on the real estate market in Changwon, Gyeongnam.

Changwon, Gyeongnam, is the only non-regulated area among cities with a population of one million, and it is continuing its upward trend as both its rarity and future value are highly evaluated.

According to the housing price status from KB Real Estate Live On, as of September this year, the average apartment sale price in Changwon was 7.92 million KRW per 3.3㎡. At the same time last year, the average apartment sale price in Changwon was 6.99 million KRW per 3.3㎡, marking an increase of about 10% in one year.

The premium on apartment prices in Changwon is analyzed to be influenced not only by the balloon effect caused by real estate regulations centered on the Seoul metropolitan area but also by the boom in the shipbuilding industry driving the local economy in Changwon.

In June, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries signed a mega contract worth 23 trillion KRW with Qatar Petroleum (QP), the Qatar state-owned oil company, for 100 LNG (liquefied natural gas) carriers. As a result, local sales and jobs have increased, and mid- to long-term residential demand has also risen, stimulating the Changwon real estate market.

Real estate officials explained, “With continuous positive developments in Changwon, apartment sale prices are on the rise, and the previously accumulated unsold inventory is rapidly being depleted,” adding, “As residential demand increases, even outside investors are jumping in, intensifying the market heat.”

Meanwhile, in Changwon, Gyeongnam, where residential demand has sharply increased, there is an apartment currently being sold that is attracting buyers’ attention. The ‘Changwon Jinhae Vision City Woobang IU Shell,’ developed by Dong-A Construction Industry Co., Ltd., the construction division of SM Group, is the project in question.

‘Changwon Jinhae Vision City Woobang IU Shell’ is located at 20-2 Namyang-dong, Jinhae-gu, Changwon-si, Gyeongnam. It consists of 10 buildings ranging from one basement floor to a maximum of 15 floors above ground, with a total of 564 households, supplied in a single unit size of 76㎡, a highly rare small- to medium-sized niche type.

Changwon, Gyeongnam, is a non-regulated area not included in the subscription adjustment target areas, so subscription and loan conditions are relatively free, and resale of pre-sale rights will be possible in the first half of next year.

As government regulations intensify, the real estate value in Changwon, Gyeongnam, is expected to continue rising. This is because, according to recent government policies, most of the Seoul metropolitan area and provincial metropolitan cities have been included in subscription adjustment target areas. Therefore, among regions with populations exceeding one million, Changwon, Gyeongnam, is practically the only non-regulated area. Areas with large populations tend to have steady housing demand, which is advantageous for price increases.

In particular, Jinhae-gu, Changwon-si, Gyeongnam, where ‘Changwon Jinhae Vision City Woobang IU Shell’ is located, has shown a steady population inflow rate over the past five years and has established itself as the most promising area compared to neighboring regions. Housing demand is also increasing significantly with the population growth in the project area, accelerating the depletion of supply.

‘Changwon Jinhae Vision City Woobang IU Shell’ offers a down payment of 5 million KRW and interest-free benefits on intermediate payments. It is also the first apartment in Changwon to provide full-option benefits worth about 30 million KRW, including entrance doors, built-in wardrobes in the master bedroom, system air conditioners, built-in kimchi refrigerators, washing machines, dryers, and free balcony expansion. Given the high residential convenience expected, it is clear that actual buyers’ interest will be concentrated. Additionally, a fine dust clean system is applied, allowing residents to enjoy a healthy and convenient lifestyle simultaneously.

Meanwhile, the model house for Changwon Jinhae Vision City Woobang IU Shell is located at 101-3 Jungang-dong, Seongsan-gu, Changwon-si, and is scheduled for occupancy in August 2021.