Over 50,000 Households to Be Released in Yeongnam and Honam Regions in the Second Half... New Complexes in Focus

Over 54,000 Households to be Supplied in Yeongnam and Honam Regions in the Second Half of This Year... About 30% Increase Compared to Last Year
41 Sites in Yeongnam Region with Over 30,000 Households, 23 Sites in Honam Region with Over 10,000 Households Scheduled for Sale
Pre-Sold Complexes Show Good Subscription Results Within the Year, Raising Expectations for House Price Increases

[Asia Economy Reporter Kangwook Cho] In the second half of this year, about 54,000 apartment units are expected to be supplied in the Yeongnam and Honam regions. Following the metropolitan area, expectations for rising housing prices in the local real estate markets are also increasing.

According to Real Estate Info, a specialized real estate analysis firm, a total of 64 sites in the Yeongnam and Honam regions are scheduled to supply 54,486 households this year. By region, Yeongnam will have 41 sites with 36,711 households, and Honam will have 23 sites with 17,775 households. This represents about a 36% increase compared to the same period last year.

Experts analyze that the 'bull market' in the metropolitan area is also influencing the local real estate atmosphere, and construction companies will continue to accelerate the supply of new apartments for some time.

Up to August this year, the subscription performance in the Yeongnam and Honam regions has also been excellent. Notably, subscription rates in Gyeongsangnam-do, Gyeongsangbuk-do, Jeollanam-do, and Jeollabuk-do?excluding metropolitan cities?were higher than last year.

In fact, looking at this year's subscription data released by the Korea Real Estate Board, among 50 new supply sites in the region, the top 13 recorded double-digit competition rates. Additionally, at 37 sites including these, the number of applicants exceeded the general supply volume, reflecting the heated real estate market. This contrasts with last year when demand was concentrated in local metropolitan cities.

Moreover, the sales price index in the Yeongnam and Honam regions recorded above 100 as of July, further raising expectations for housing price increases in these areas.

Amid this, there is growing anticipation as new apartments with high expectations continue to be supplied in the Yeongnam and Honam regions.

Sequential Supply of 'Singyeongju Station The First Desiang' and Others in Yeongnam

Rendering of Shingyeongju The First Desiang. / Provided by Taeyoung Construction.

First, in the Yeongnam region, Taeyoung Construction plans to supply Singyeongju Station The First Desiang in September. The complex will have 945 units with exclusive areas of 59 to 84㎡. The Singyeongju Station area development project, where the complex is located, is a completed new town scheduled for completion in 2022. All public housing, residential, commercial, and neighborhood living facility sites within the development area have been sold out, enabling rapid urban construction and infrastructure formation, earning high evaluations. Singyeongju Station, where the development project is underway, intersects KTX/SRT, the Central Line (scheduled to open), and the Donghae Line (scheduled to open), allowing travel to Seoul in about two hours. Accessibility to nearby major cities such as Dongdaegu Station (18 minutes) and Ulsan Station (11 minutes) is also expected to improve, and it is possible to reach Dongdaegu Shinsegae Department Store and Haeundae Station within 20 minutes, promising high future value.

Near KTX Andong Station, Yeongmu Construction is scheduled to supply 'Andong Station Yeongmu Yedam Forest' in September. It will consist of 944 units with exclusive areas of 75 to 84㎡. The sale price is expected to be set at 8 million KRW per 3.3㎡. A public daycare center will be established within the complex, ensuring a safe childcare environment. Additionally, it has a wide transportation network with proximity to KTX Andong Station, Seo Andong IC on the Jungang Expressway, and Andong Terminal. Convenience facilities such as large marts, cinemas, and Andong Medical Center are also easily accessible.

In Jinju, Gyeongnam, POSCO Construction plans to supply 'The Sharp Jinju Pierrete' through the Jangjae Park private special project in September. It will be the first The Sharp brand apartment in Jinju, located in the Chojun-dong area of Jinju City, consisting of 7 buildings with 3 basement floors to a maximum of 28 floors, with exclusive areas ranging from 74 to 124㎡, totaling 798 units. Nearby schools include Chojun Elementary, Jinju Dongmyeong Middle and High Schools, and Myeongshin High School. It is a non-regulated complex where resale is possible immediately after contract and there are no restrictions on re-winning.

In Pohang, HDC Hyundai Development Company is preparing to supply 'Pohang I-Park' in September. It will have 1,144 units with exclusive areas of 75 to 101㎡. The complex is located near Naengcheon Riverside Park and Ocheon Sports and Culture Town. Hyundai Construction also plans to supply a large complex of 3,116 units in Hwanho-dong by the end of the year.

Interest in World Meridian Gurye in September and Iksan Xi Grand Park in October on the Honam Line

In Gurye, Jeonnam, the region's tallest premium apartment, 'World Meridian Gurye,' is scheduled for supply in September. The complex will be built in Bongdong-ri, Gurye-eup, the central commercial district of Gurye-gun, Jeonnam, consisting of 3 buildings with 3 basement floors to a maximum of 29 floors, totaling 264 units. It will mainly consist of small to medium-sized units with exclusive areas of 75 to 84㎡.

In Iksan, Jeonbuk, GS Construction plans to supply 'Iksan Xi Grand Park' in October, located within Madong Park. The complex will consist of 1,452 units with exclusive areas ranging from 84 to 125㎡ in the Madong area. Nearby schools include Iri Elementary, Jiwon Middle, and Iri High School, providing a good school district.