- Recorded a top competition rate of 38.79 to 1 in Q1 this year, a significant increase from last year's 26.24 to 1
- Dongwon Development Co., Ltd., 'Buam 2nd Vista Dongwon Art Foret' consists of 63% of total households with exclusive 59㎡ units
In the Busan housing market, the popularity of 59㎡ exclusive area units is increasing, with the average first-priority subscription competition rate for 59㎡ units rising compared to last year, continuing an undefeated streak in subscription demand.
Recently, real demand buyers facing difficulties in securing funds due to rising house prices and loan regulations have shown great interest in 74㎡ and 59㎡ units, leading construction companies to gradually increase the supply of smaller unit types.
Until now, the supply types of newly launched complexes in Busan have been concentrated on 84㎡ units, which has caused dissatisfaction among real demand buyers trying to purchase a home, as they could not make a reasonable choice considering their financial capacity, family size, and children’s ages. This trend is expected to be alleviated.
According to Real Estate 114, in Busan Metropolitan City, 707 units of apartments under 60㎡ exclusive area were supplied to the general public in 2021, with 18,979 applicants, showing an average first-priority competition rate of 26.24 to 1. However, in the first quarter of this year, 255 small apartments of 59㎡ exclusive area were supplied to the general public, with 9,892 applicants, and the average first-priority competition rate sharply increased to 38.79 to 1.
Compared to the first-priority competition rate for units between 60㎡ and 85㎡, which decreased slightly from 58.55 to 1 (2021 average) to 56.54 to 1 during the same period, demand has significantly concentrated on small apartments.
In fact, the highest competition rate of 35.1 to 1 in the ‘Geoje Misojeum The First’ complex, launched in November last year in Geoje-dong, Yeonje-gu, Busan, was recorded for the 59㎡ unit. Compared to competition rates of 16.8 to 1 for 84㎡A and 9.7 to 1 for 84㎡B, this is 2 to 4 times higher.
A real estate expert said, “As uncertainty in the housing market increases this year, demand is concentrating on relatively affordable small apartments. Especially since the supply of small apartments in the Busan area has been limited, the strong trend for small apartments is expected to continue.”
Meanwhile, Dongwon Development Co., Ltd. plans to launch ‘Buam 2nd Vista Dongwon Artfore’ in Buam-dong, Jin-gu, Busan, in March, with 59㎡ exclusive area as the main unit type. The exclusive areas are 59㎡, 74㎡, and 84㎡, totaling 440 households, with the main unit type of 59㎡ accounting for 279 households, or 63% of the total. There are 106 units of 74㎡ and 55 units of 84㎡.
‘Buam 2nd Vista Dongwon Artfore’ is located in a high-priced managed area and is effectively subject to HUG (Housing and Urban Guarantee Corporation) price regulations, so it will be supplied at a reasonable price compared to surrounding market prices such as Seomyeon.
‘Buam 2nd Vista Dongwon Artfore’ is an apartment complex launched by Dongwon Development Co., Ltd., ranked 26th nationwide in the 2021 construction capability evaluation and holding the top position in the Busan, Ulsan, and Gyeongnam regions. Located in Busan, its home turf, and situated in an excellent location with education, culture, and nature, it is expected to attract significant interest from buyers.
The complex will feature diverse community facilities such as a fitness center, golf practice range, moms’ cafe, kids’ cafe, and study rooms, along with abundant landscaping to maximize residents’ living satisfaction.
Buam-dong, where the complex is located, is centered around Busan Citizens Park and offers rich infrastructure in the Seomyeon living area, along with various nearby development benefits, making it a region with high residential satisfaction and strong expectations for future prospects.
‘Buam 2nd Vista Dongwon Artfore’ is within walking distance of Busan Citizens Park, which spans approximately 470,000㎡?66 times the size of a soccer field?and residents can enjoy a pleasant healing life at Busan Children’s Grand Park and Baekyang Mountain. Additionally, opposite the National Busan Gugak Center within Busan Citizens Park, the Busan International Art Center, featuring a large-scale classical concert hall and various performance venues, is under construction. Once completed, world-class cultural and artistic performances will be accessible close to home.
The educational environment is also excellent. Buam Elementary School is connected directly by a pedestrian overpass right in front of the complex, allowing young children to commute safely. Nearby schools include Buam Middle School, Dongpyeong Girls’ Middle School, Busan International High School, Busan English Library, and Choeup Municipal Library.
Lotte Mart, E-Mart Traders, and Dangam Market are located nearby for convenient shopping, and residents can also easily access rich infrastructure in Seomyeon, including Busanjin-gu Office, administrative welfare centers, Lotte Department Store, CGV, NC Department Store, financial institutions, and medical facilities. The area is well connected by the Dongseo Elevated Road, Gwanmun-daero, Line 2 Buam Station, and other rapid transit networks, enabling convenient travel within and outside the city.
Benefits from development projects in the Buam-dong area are also anticipated. The Beomcheon Vehicle Depot, which has been blocking urban development, is scheduled to be relocated, and the Bujeon Station Complex Transfer Center, which will become a new transportation hub, is planned. Additionally, large-scale residential town development is planned through nearby urban maintenance projects, which is expected to further improve residential conditions.
Meanwhile, the model house for ‘Buam 2nd Vista Dongwon Artfore’ is currently open.
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