Zigbang "19,534 Households Nationwide Move-In"
A price list for sale and jeonse posted at a real estate agency in Yangcheon-gu, Seoul [Image source=Yonhap News]
[Asia Economy Reporter Onyu Lim] In August, more than 15,000 households in the Seoul metropolitan area will move into new homes. This is the largest scale since January this year and is expected to be a boon to ease the 'jeonse price instability' in the metropolitan area.
According to Zigbang on the 26th, the nationwide apartment move-in volume in August is expected to be 19,534 households. In particular, 15,556 households, accounting for 80% of the total, will be supplied in the metropolitan area. This is the largest monthly volume since January, when 19,461 households moved in.
Seoul will supply 2,725 households, similar to the previous month, while move-in volumes will increase in Gyeonggi and Incheon.
In Gyeonggi, a total of 9,307 households will move in the southern areas such as Pyeongtaek and Suwon, about 15% more than the previous month (8,079 households). Twelve complexes are scheduled to move in areas including Pyeongtaek and Hwaseong. In Incheon (3,524 households), move-ins will proceed in redevelopment, reconstruction project sites, and housing development districts, marking the highest monthly volume this year. Three complexes will move in at Geomdan, Juan, and Bupyeong.
In the provinces, move-ins will proceed in Daegu, Sejong, and Gyeongnam, with 3,978 households moving in, 29% less than the previous month (5,598 households).
Recently, apartment sales and jeonse prices have been rising together, while the Bank of Korea has mentioned overheating in the real estate market and indicated the possibility of interest rate hikes. Ham Young-jin, head of Zigbang Big Data Lab, said, "It seems to be a preemptive measure to curb household loans, which have increased through so-called 'youngkkeun' amid historically low interest rates, and to stop the rise in housing prices." However, considering burdens such as the fourth wave of COVID-19, "the scale of the interest rate hike is expected to be small, so the actual impact on the housing market is expected to be limited."
◆Major Move-in Complexes in August
Wirye Forest Shine 17 Complex is located in Geoyeo-dong, Songpa-gu, Seoul, in the Wirye New Town. It consists of a total of 1,282 households with medium and small-sized units ranging from 66 to 84㎡ (exclusive area). It is close to Songpa IC and accessible to Geoyeo Station and Macheon Station on Subway Line 5. Jangjicheon Stream is located right in front of the complex, providing a pleasant environment. Move-ins are scheduled to begin in early August.
Hwaseo Station Park Prugio is a mammoth complex with a total of 2,355 households located in Jeongja-dong, Jangan-gu, Suwon. It consists of units ranging from 59 to 149㎡. Hwaseo Station on Subway Line 1 is right in front of the complex, and when the Shinbundang Line (scheduled to open in 2027) opens, accessibility to the Gangnam area will improve further. Starfield Suwon (scheduled to be completed in December 2023) is nearby, making the living environment more convenient in the future. Move-ins will begin around the end of August.
Pyeongtaek Jije Station Dongmoon Good Morning Hill Mom City 3 Complex is located in Chilwon-dong, Pyeongtaek, Gyeonggi Province. It consists of a total of 1,134 households with medium and small-sized units ranging from 59 to 84㎡. The area is being developed as a single-brand town with about 5,000 households, expected to become a mammoth complex in the future. Jije Station on Subway Line 1 is nearby, and commuting to Pyeongtaek Saebit Elementary School is possible. Move-ins are scheduled for the end of August.
Geomdan New Town Prugio The Venue is located in Wondang-dong, Seo-gu, Incheon. It consists of 1,540 households ranging from 75 to 105㎡. It is the fourth complex to move in within Geomdan New Town, where move-ins have been actively proceeding recently. It is close to commercial areas, and when the extension of Incheon Subway Line 1 (scheduled to open in 2024) opens, accessibility to other areas will improve further. Move-ins will proceed at the end of August.
Hanshin The Hue Reserve (H02, H01 blocks) is located in Naseong-dong, Sejong City, consisting of two blocks with a total of 1,031 households ranging from 84 to 99㎡. Bitgaram Waterfront Park is located right next to the complex, and a commercial district with concentrated convenience facilities is nearby. Commuting to Naseong Elementary School and Saetteum Middle School is possible. Move-ins will begin around the end of August.
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