Which Busan Haeundae Complexes Are Seeing Future Value Soar This Year?

- Busan Haeundae-gu Apartment Sale Price Index Rises for 31 Consecutive Weeks... Sale Prices Up 34% in One Year
- High Regional Value as a Marine City, Excellent Living Conditions Ensure Strong Demand, Abundant Foot Traffic Makes Income-Producing Properties Popular

The real estate market in Haeundae, Busan is expected to continue heating up in the Year of the Black Rabbit, following last year's trend. The apartment sale price index has been rising daily, and in the new pre-sale market, apartments and income-generating real estate alike are achieving full subscription.

According to market price data from the Korea Real Estate Board, the apartment sale price index in Haeundae-gu, Busan, has increased for 31 consecutive weeks from the third week of June last year (June 15) to the second week of January this year (January 11). Despite Haeundae-gu being designated as a regulated area in November last year, the upward trend in housing prices showed no signs of stopping.

The enthusiasm for pre-sales is also intense. In March last year, ‘Ssangyong The Platinum Haeundae’ in Jung-dong, Haeundae-gu, Busan, attracted 19,928 applicants for 88 units, closing the first priority subscription with an average competition rate of 226.45 to 1. In June last year, the lifestyle accommodation facility ‘Belive Paragraph Haeundae’ in U-dong, Haeundae-gu, recorded a highest competition rate of 266.83 to 1 and an average of 38.87 to 1. Additionally, in September last year, the officetel ‘Centum Centreville Flavinew’ in Jaesong-dong, Haeundae-gu, attracted 14,102 applicants for 323 units, showing an average competition rate of 43.65 to 1.

The reason why demand is focused on Haeundae, Busan, is analyzed to be due to the significant increase in the area's value as development progresses along the coast, as well as well-established transportation networks and living infrastructure, making living conditions excellent. Furthermore, as Haeundae is designated as a tourist special district, the abundant floating population also boosts the popularity of income-generating real estate.

In fact, apartment sale prices in Haeundae-gu rose 34% last year (January to December), from 11.72 million KRW to 15.68 million KRW per 3.3㎡. This is 10% higher than the overall average increase rate of 24% in Busan city during the same period (from 9.54 million KRW to 11.85 million KRW per 3.3㎡).

Individual complexes are also showing a steep rise in prices. The average sale price of ‘Daewoo Trump World Centum’ in U-dong, Centum City, Haeundae-gu, for a 108.51㎡ unit rose 38.4% from 1.12 billion KRW in January last year to 1.55 billion KRW this January. ‘Raemian Haeundae’ in Jung-dong, Haeundae-gu, saw the average sale price for an 84㎡ unit increase 38.6%, from 635 million KRW in January last year to 880 million KRW this January.

As a result, real estate products supplied in Haeundae-gu, Busan, this year are expected to attract attention from both actual buyers and investors.

In Centum City, Haeundae, a lifestyle accommodation facility called ‘Britige Centum’ is scheduled to be supplied. This complex, located in Haeundae-gu, Busan, consists of 346 lifestyle accommodation units with exclusive areas ranging from 22 to 34㎡, along with neighborhood living facilities, spanning from 6 basement floors to 38 floors above ground. Notably, this complex is a lifestyle accommodation facility that allows lodging rental business, securing a diverse demand base and is relatively free from various real estate regulations. Situated in a prime location within Centum City, it offers panoramic ocean views of Busan’s sea, Gwangan Bridge, and Suyeong Bay, with over 60% of the units facing south. It is a 4-minute walk from Centum City Station on Busan Subway Line 2, and vehicle access to the entire Busan area is convenient via the nearby Gwangan-daero and Suyeong-ro. Shopping and cultural facilities such as Shinsegae Department Store, Lotte Department Store, Homeplus, BEXCO, and Busan Museum of Art are within walking distance, and Olympic Park is located right in front of the complex, providing a pleasant living environment.

SK Construction plans to launch ‘Banyeo 1-2 District SK View (tentative name)’ in Haeundae-gu, Busan, in May. This complex, developed through residential redevelopment, will consist of 8 buildings with up to 28 floors above ground, offering 750 units with exclusive areas ranging from 39 to 84㎡. It is close to Won-dong Station on the Donghae Line and within walking distance to Homeplus.

As early as this year, Dongbu Construction is expected to supply 240 apartments and 150 officetel units in Haeundae-gu through the reconstruction of Samsung Condo Mansion.