The explosive rise in apartment sale prices in the metropolitan area, Sejong, and Daejeon has expanded to the Chungcheong region, bringing the Chungcheong real estate market into its greatest boom period.
According to KB Real Estate data, over the past year (March 2020 to March 2021), the nationwide apartment sale price increase per square meter was 22.08% (4,611,000 KRW → 5,629,000 KRW).
Looking at the apartment price increase rates by city and province nationwide, the order is ▲Sejong 60.21% (3,958,000 KRW → 6,341,000 KRW) ▲Gyeonggi 28.59% (4,568,000 KRW → 5,685,000 KRW) ▲Daejeon 25.29% (3,369,000 KRW → 4,221,000 KRW). The steep rise in Gyeonggi Province, Sejong, and Daejeon is spreading to apartments in the geographically adjacent Chungcheong region.
In particular, Chungbuk showed a 12.17% increase (1,833,000 KRW → 2,056,000 KRW) during the same period, the highest among the eight local provinces, and Chungnam, which recorded 9.47% (2,070,000 KRW → 2,266,000 KRW), ranked fourth highest after Gyeongbuk (11.22%) and Gyeongnam (12.14%).
The upward trend in Chungcheong is even clearer compared to the previous year. From March 2019 to March 2020, the adjacent regions to Chungcheong showed increases of ▲Sejong 17.41% (3,371,000 KRW → 3,958,000 KRW) ▲Daejeon 19.3% (2,824,000 KRW → 3,369,000 KRW) ▲Gyeonggi 7.46% (4,251,000 KRW → 4,568,000 KRW), while Chungbuk and Chungnam recorded negative growth rates of -2.6% and -2.04%, respectively.
An industry expert said, “The long-term rise in sale prices in the metropolitan area, Daejeon, and Sejong has recently expanded geographically to the adjacent Chungcheong region,” adding, “Especially in the Chungcheong area, unlike the metropolitan area, there are many non-regulated areas relatively free from subscription and loan restrictions, making the new housing market hot.”
As the Chungcheong real estate market warms up, new housing complexes are scheduled to be supplied one after another in the first half of the year, attracting the attention of buyers.
Hyosung Heavy Industries plans to launch ‘Harrington Place Smart Valley’ in April in Asan City, Chungcheongnam-do. The complex consists of 10 buildings from basement level 1 to 20 floors above ground, with a total of 704 units ranging from 59 to 84 square meters in exclusive area. Located in the non-regulated area of Asan City, subscription is possible regardless of household headship or number of houses owned. Various convenience facilities, including Costco Cheonan branch, are within walking distance, and Cheonan City Hall, Galleria Department Store, and Cheonan Sports Complex are about a 10-minute drive away. It offers convenient access to KTX Cheonan-Asan Station and Subway Line 1 Dujeong Station in the metropolitan area, and commuting is easy to Cheonan General Industrial Complex, Samsung SDI Cheonan Plant, Samsung Display, Asan Display City 1 General Industrial Complex, and the planned Asan Display City 2 General Industrial Complex.
DL E&C (DL E&C) plans to launch ‘e-Pyeonhansesang Seoklim The Noble’ in May in Seosan City, Chungcheongnam-do. The complex consists of 8 buildings from basement level 3 to 20 floors above ground, with 523 units ranging from 84 to 114 square meters in exclusive area. This brand-new complex is located in a non-regulated area with relatively free subscription and loan conditions and is composed of medium to large units preferred in the local sales market. It will feature diverse community facilities such as a fitness center equipped with a sauna (the only one in the area), screen golf, reading room, study room, and green cafe, expected to attract high interest from buyers.
Hanwha Construction plans to supply ‘Hanwha Forena Cheonan Sinbu’ at the end of April in Cheonan City, Chungcheongnam-do. The complex consists of 6 buildings from basement level 2 to 29 floors above ground, with a total of 602 units ranging from 76 to 159 square meters in exclusive area. Next to the complex is a planned children's park, and along the Cheonancheon stream walkway in front of the complex, residents can enjoy leisure and relaxation at Cheonho Reservoir and Cheonhoji Sports Park. Within a 3 km radius are large shopping facilities such as Shinsegae Department Store, Lotte Mart, and E-Mart, as well as Dankook University Hospital and Daejeon University Cheonan Oriental Medicine Hospital.
Seohui Construction plans to launch ‘Jiksan Station Seohui Starhills New Planning City’ in April in Cheonan City, Chungcheongnam-do. The complex consists of 8 buildings from basement level 2 to 25 floors above ground, with a total of 653 units ranging from 59 to 84 square meters in exclusive area, of which 294 units will be sold to the general public. Jiksan Station on Subway Line 1 is within walking distance, and KTX Cheonan-Asan Station, Gyeongbu Expressway Cheonan IC, and Bukcheonan IC provide convenient access to Cheonan, the metropolitan area, and wider regions. Especially, as it is located in a non-regulated area, there are no resale restrictions, and household members can also apply, making it highly attractive to both actual buyers and investors.
Utop Construction is currently selling ‘Hapdeok Ugwang Utop Ubless’ in Dangjin City, Chungcheongnam-do. The complex consists of 4 buildings from basement level 2 to 20 floors above ground, with a total of 381 units ranging from 65 to 84 square meters in exclusive area, scheduled for occupancy in October 2021. Adjacent industrial complexes such as Hapdeok General Industrial Complex and Hapdeok Induspark make commuting easy, and the Seohaean Expressway Dangjin IC and National Road 32 are nearby. The Seohae Line high-speed railway Hapdeok Station is scheduled to open in 2022, and upon completion, connectivity with the Sinansan Line will greatly improve access to Seoul and the metropolitan area.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
