Popular Housing Products Targeting Homeconomy and Untact Tribes

Perspective View of Wangsimni Station Y House by Yojin

[Asia Economy Reporter Donghyun Choi] As the spread of the novel coronavirus infection (COVID-19) has increased the amount of time people spend at home, there is a growing demand for using living spaces comfortably and efficiently. As homes expand from being merely places to stay to spaces for rest, culture, and leisure, the concept of the ‘homeconomy,’ where various economic activities take place, is also spreading.

Homeconomy is a compound word of home and economy, referring to an economy targeting the consumption of 'home tribe' who mainly spend leisure time at home. It is a term that concisely reflects the trendy lifestyle along with ‘untact’ (contactless), which reflects the era’s situation due to the spread of COVID-19.

According to the ‘2020 Korea Single-Person Household Report’ by KB Financial Group Management Research Institute on the 28th, due to the impact of COVID-19, outdoor activities have significantly decreased, with the percentage of people returning home directly during weekdays rising to 49.1%, an increase of 21.8% compared to the previous year (27.3%). Also, the number of days visiting somewhere before returning home on weekdays decreased from 1.92 days last year to 1.76 days this year. Additionally, about 25% of single-person households experienced telecommuting implemented due to COVID-19 this year.

Single-person households living in houses other than apartments showed a relatively high preference for fully equipped houses, with preferences by age group recorded as ▲20s (69.7%) ▲30s (58.6%) ▲40s (40.3%) ▲50s (40.7%). The preference was overwhelmingly high among those in their 20s, and about 40% of people in their 40s and 50s also responded that they preferred fully equipped options.

An industry official said, “As non-face-to-face activities become routine and the time spent at home increases, residential spaces that can accommodate work, daily life, rest, and leisure are expected to gain popularity. Demand for residential products that save cost and time, improve work efficiency, and enable convenient living will increase.”

In this situation, residential products targeting the young demand group who spend more time at home are being introduced one after another, attracting attention.

Yojin Construction Industry is currently selling ‘Wangsimni Station Yojin Y-House’ in Doseon-dong, Seongdong-gu, Seoul. The complex consists of 112 small officetels with exclusive areas of 23?29㎡, from basement level 1 to 19 floors above ground. It will feature a duplex specialized design with an attic that can be used as a bedroom or various other spaces, and a 1.5-room floor plan that separates living and office spaces. It will also be equipped with ample storage space, fully furnished system furniture, and built-in appliances such as ceiling-type air conditioners. Wide front windows will secure openness and lighting, and skylights will be installed in the common corridor for natural lighting. A rooftop garden for residents will also be created.

Shinsegae Construction will launch ‘Billiv Archive Namsan’ in December, a residential lodging facility located at 43-1 Pildong 1-ga, Jung-gu, Seoul. It will be a single building with 455 units, from basement level 2 to 20 floors above ground. Studio-type and 1.5-room floor plans specialized for 1?2 person households will be introduced, with a total of 18 types to satisfy consumers with various lifestyles. The top floor will feature a rooftop garden and mirror pond to add trendiness, and some units will have specialized shared landscaping facilities. The interior design includes a ceiling height of 2.5m to maximize openness, and full built-in appliances and furniture are expected to enhance convenience.

Nonhyeon SAH plans to sell ‘Arts Nonhyeon’ this month in 249-9 Nonhyeon-dong, Gangnam-gu, Seoul. It is a mixed residential complex with 6 basement floors and 20 floors above ground, consisting of 24 urban lifestyle houses sized 38?51㎡, 42 officetels sized 40?75㎡, and neighborhood living facilities. An infinity pool will be provided on the rooftop, along with luxurious community facilities such as a lobby lounge for hosting guests, rooftop garden, and rooftop lounge.