In the real estate market, panic buying?purchasing regardless of price due to anxiety over price increases and inventory depletion?is emerging mainly among people in their 20s and 30s. This is interpreted as a spread of anxiety that "if not now, I might never be able to secure my own home," triggered by soaring house prices that remain unchecked despite various regulations and supply measures, coupled with rising jeonse (long-term lease) prices.
As this phenomenon continues, the number of unsold apartments nationwide has reached its lowest level since January 1992. Even post-construction unsold apartments, considered "malignant unsold units," are rapidly being depleted. Unsold apartment inventory is also running out in provincial areas. In April this year, among the 7 unsold units in Suyeong-gu, Busan, excluding 5 post-construction unsold units, the number of newly supplied unsold units was effectively "zero." Accordingly, the market for newly supplied small apartments in Busan is expected to show unprecedented heat.
A representative example is Namcheon Sewonsu (scheduled for move-in December 2021, post-construction apartment), consisting of a total of 114 units: 76 apartments, 18 urban lifestyle housing units, and 20 officetels. This apartment, scheduled for sale in July, is designed with small to medium-sized units that reduce management and price burdens, meeting the demand of 1-2 person households, and offers excellent residential, transportation, educational, and living infrastructure.
The interior space is designed with a south-facing layout and a slab-type 3BAY structure, and each unit is provided free of charge with storage rooms, built-in wardrobes in each room, and system air conditioning. In particular, Namcheon Sewonsu boasts the "station area" premium that determines the locational value of an apartment. It is a 5-minute walk to Namcheon Station on Subway Line 2, with two bus stops within a 3-minute walk, and is close to Hwangnyeong-daero, Hwangnyeong Tunnel, and Gwangandaegyo Bridge, offering high accessibility throughout Busan.
The educational environment is also excellent, attracting interest from family buyers with children. Within a 10-minute walk are Namcheon Elementary School and within 6 minutes, Namcheon Middle School, forming a strong school district in Suyeong-gu and Nam-gu areas including Daeyeon High School, Busan Dong Girls' High School, Kyungsung University, and Pukyong National University.
Additionally, various government offices and large marts are nearby, and within a 10-minute walk, one can access various dining, cultural, and convenience facilities. It takes 15 minutes by public transportation to reach Gwangalli Beach, and it is also close to Igidae, Yongho-dong cruise ship pier, and waterfront parks.
A real estate official stated, "With the expectation that apartment supply will remain at lower-than-usual levels for the time being and amid soaring apartment prices, demand for small apartments among young people is steadily increasing. Suyeong-gu is a highly preferred residential area, recording about 1% of total unsold units even during Busan's unsold inventory backlog. Namcheon Sewonsu is a small apartment in Namcheon-dong that captures transportation, education, living convenience, and residential environment, and with many redevelopment and reconstruction projects nearby, its future value is expected to continue rising."
Meanwhile, the sales promotion center for Namcheon Sewonsu, a newly supplied apartment in Busan, will open on Friday, July 16.
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