Investment Attention Focuses on New Sale Complexes in Iksan, a Non-Regulated Area Rapidly Emerging from Pre-Sale Restrictions and Loan Regulations
Last December, when Jeonju City in Jeollabuk-do was designated as a regulated area for the first time, a balloon effect appeared in the neighboring regions. A representative example is Iksan City in Jeollabuk-do. Since Jeonju was designated as a regulated area last December, the real estate market in Iksan has rapidly heated up, with housing prices rising and unsold units decreasing.
Iksan, a non-regulated area, is relatively free from continuous high-intensity real estate regulations such as subscription and loan restrictions, and also has a lower tax burden when purchasing a home, including capital gains tax and property tax. Additionally, the ability to immediately resell pre-sale rights has brought about indirect benefits.
In fact, the price per 3.3㎡ of apartments in Iksan remained steady at 5.39 million KRW for seven months from May 2020, but after Jeonju was designated as a regulated area in December, it rose to 5.40 million KRW, then to 5.43 million KRW in January this year, 5.45 million KRW in February, and reached 5.48 million KRW in March, showing an upward trend.
Moreover, the number of unsold units began to sharply decrease. In December last year, Iksan had 387 unsold units, but within a month, 339 units found owners, reducing the number of unsold units to 48 in January this year. By April, only 10 units remained, with most homes in Iksan having found owners.
A local real estate official said, “When Jeonju was designated as a regulated area last December, the real estate market in Iksan, located next to Jeonju, experienced a balloon effect, showing a boom with rising prices and a sharp decrease in unsold units.” He added, “Since Iksan is a non-regulated area, unlimited resale is possible, and with fewer restrictions on subscriptions, loans, and tax burdens, it continues to attract interest from buyers nationwide, including the Honam region.”
Meanwhile, ‘Ubless47 Mohyeon’ built by Utop Construction is expected to become a landmark in Iksan based on its differentiated value as the tallest building in Iksan with 47 floors and its prime location right next to Iksan Station.
Among new complexes in Iksan, ‘Ubless47 Mohyeon’ is expected to attract many applicants due to its premium as the tallest building in Iksan and its future value, including its location in Mohyeon-dong, a preferred residential area in Iksan. Especially, apartments that are the tallest in their region, such as Jamsil Lotte Signiel and Haeundae LCT, become symbolic representatives of their areas, making them highly desirable places to live and causing housing prices to rise rapidly.
This high-end residential complex with a 47-floor premium will feature a single exclusive area of 84㎡, which is most preferred by actual users, and will introduce designs that maximize space utilization. It offers a 4Bay, slab-type specialized design to enhance openness, and includes alpha rooms and pantries to increase usability. Additionally, it will provide unobstructed views and excellent sunlight exposure, which can only be enjoyed in the tallest apartments, thereby enhancing residential premiums.
Furthermore, ‘Ubless47 Mohyeon’ offers an environment ideal for raising children. The complex is located in a school zone with nearby schools such as Irimohyeon Elementary, Irinam Middle, Iri Girls’ High, and Jeonbuk Jeil High. It also boasts abundant green spaces like Mohyeon Park and Baesan Sports Park, allowing residents to enjoy natural infrastructure.
‘Ubless47 Mohyeon,’ which will begin full-scale sales this month, is located in Iksan City, Jeollabuk-do. The complex consists of two buildings with 4 basement floors and 47 above-ground floors, totaling 343 units of apartments with an exclusive area of 84㎡. The first and second floors will house commercial facilities, making it a mixed-use complex.
Meanwhile, the model house for ‘Ubless47 Mohyeon’ will be set up in Iksan City, Jeollabuk-do.
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