Reduced Unsold Units in 'Yeongjong International City' Influenced by Reasonable Prices and Development Prospects

Reasonable Sale and Jeonse Prices Even Within the Capital Area... Unsolved Units Hit Record Low Amid Positive Factors
Housing Demand Increases, Leading to Price Rise in Sold-Out Complexes and Growing Interest in Upcoming New Developments

Recently, the unsold housing inventory in Yeongjong International City has been rapidly depleting. The main reasons for resolving the unsold inventory are interpreted as the stimulation of buyers' sentiment among demanders tired of the rental crisis due to the unusually affordable housing prices in the metropolitan area, as well as the increase in future value driven by transportation and development prospects. The area, once in an emergency due to so-called malignant unsold housing, is now newly taking off.

In fact, Yeongjong International City shows reasonable housing prices, indicating a low threshold for homeownership. According to KB Real Estate, the average apartment sale price per square meter in Jung-gu, Incheon, where Yeongjong International City is located, is 2.65 million KRW, which is cheaper than △Seoul (11.82 million KRW) △Gyeonggi Province (5.07 million KRW) △Incheon (3.65 million KRW). This figure is also lower than the average apartment rental prices per square meter in Seoul and Gyeonggi Province, which are △6.18 million KRW and △3.46 million KRW respectively. The price increase trend is also steep. As housing demand seeking reasonable prices increases, apartment sale prices rose by 6% (from 2.5 million KRW to 3.65 million KRW per square meter) and rental prices by 7% (from 1.65 million KRW to 1.77 million KRW) over the past year.

These reasonable housing prices, combined with transportation and development news such as the year-end groundbreaking of the Third Yeonryuk Bridge connecting Cheongna International City and western Seoul, the Second Airport Railroad, Midan City, Inspire Complex Resort, and Hansang Dream Island, are helping to resolve the unsold inventory.

According to the Ministry of Land, Infrastructure and Transport, as of September, the unsold housing inventory in Jung-gu, Incheon, where Yeongjong International City is located, stands at 76 units. This is a 95% decrease compared to 1,709 units in September 2017.

As unsold units decrease, the surge in housing demand is also driving up the market prices of complexes. The ‘e-Pyeonhansesang Yeongjong International City Ocean Heim’ with a net area of 84.97㎡ (22nd floor) was traded in November at about 100 million KRW higher than the previous year (350 million KRW → 450 million KRW). Also, the ‘Sky City Xi’ with a net area of 98.94㎡ (27th floor) changed hands in April at 157.12 million KRW higher than February of the previous year (387.88 million KRW, 16th floor → 545 million KRW).

A real estate expert explained, “Since abundant living infrastructure such as education and nature is already in place, and transportation benefits narrowing the physical distance to Seoul are planned, unsold units are expected to decrease and housing demand to grow further.”

Riding this wave, the supply of new housing complexes in Yeongjong International City is also becoming active. In the new year of 2021, Daelim Industrial plans to launch the third e-Pyeonhansesang brand apartment in the area, ‘e-Pyeonhansesang Yeongjong International City Centum Venue’.

‘e-Pyeonhansesang Yeongjong International City Centum Venue’ by Daelim Industrial will be built on Block A28 of Yeongjong International City (1871-1 Jungsan-dong, Jung-gu, Incheon) with a total of 1,409 units of 84 and 98㎡ net areas. It will be supplied as a large complex applying the renewed brand philosophy and identity of the new e-Pyeonhansesang through brand renewal.

In particular, the complex boasts excellent transportation convenience as it is adjacent to the Third Yeonryuk Bridge, whose groundbreaking was confirmed on December 22. The complex offers easy access to the Third Yeonryuk Bridge via the nearby Haneul-daero, allowing residents to enjoy the living infrastructure of Cheongna International City, including the planned Starfield Cheongna, Costco Cheongna, and Cheongna Medical Complex Town. Additionally, it is accessible to Incheon International Airport Expressway (Yeongjong Bridge), the Second Gyeongin Expressway (Incheon Bridge), as well as Airport Railroad Yeongjong Station and Unseo Station.

Residents can also enjoy the already established education and living infrastructure within Yeongjong International City. The complex includes Incheon Yeongjong Elementary School and is adjacent to Incheon Byeolbit Elementary School. Moreover, the central commercial district is nearby, making it easy to access convenience facilities.

Leisure spots such as Incheon International Airport, Paradise City, BMW Driving Center, and Seaside Park are also concentrated nearby, allowing for a pleasant residential life even within the city.

Given that the complex is located in Yeongjong International City, which offers reasonable housing prices compared to nearby Songdo and Cheongna International Cities, and is adjacent to the Third Yeonryuk Bridge, it is expected to attract high interest from buyers.

‘e-Pyeonhansesang Yeongjong International City Centum Venue’ is scheduled to be launched in January next year, and the housing exhibition hall will be set up at 3091-1 Unseo-dong, Jung-gu, Incheon.