- Strong performance continues amid undervaluation of Gunsan City with abundant jobs and living environment... Upward trend expected to continue for a while due to major positive factors
- SM Gyeongnam Enterprise launches 'Gunsan Gyeongnam Honorsville The Ocean' this month in Jochon-ro (Richway), Gunsan's representative affluent area
Amid mixed trends in the nationwide real estate market due to interest rate hikes caused by global inflation, there is one region that continues to experience a hot upward trend. The protagonist is Gunsan City in Jeollabuk-do.
According to the Korea Real Estate Board's survey on average apartment sale prices, the average apartment sale price in Gunsan City in May was approximately 169.42 million KRW, a remarkable increase of about 40% compared to around 120.31 million KRW in June last year. Even this year, when the national average apartment sale price is on a downward trend, Gunsan City has maintained a steady rise without a single decline.
This upward trend is largely attributed to the undervaluation of the Gunsan real estate market. In fact, the jeonse price ratio in Gunsan City is 81%, significantly exceeding the national average jeonse price ratio of 68.8%. Typically, the jeonse price represents the actual value of real estate, while the sale price reflects the price based on future value.
Currently, Gunsan City is expected to have high future value due to large-scale favorable developments such as the construction of Jeonbuk National University Hospital, the reactivation of Hyundai Heavy Industries Gunsan Shipyard, and the Saemangeum development. However, sale prices are still formed at low levels, attracting strong buying demand from both end-users and investors. Additionally, Gunsan City is a non-regulated area exempt from government regulations on the housing market, making it relatively free from various restrictions including loans.
A real estate official said, “As Gunsan is the industrial hub in the Honam region, it has abundant jobs and living infrastructure, but the relatively undervalued sale prices have led to strong buying demand from end-users and investors. Currently, with major favorable developments such as the construction of Jeonbuk National University Hospital, the reactivation of Hyundai Heavy Industries Gunsan Shipyard, and the Saemangeum development project, this upward trend is likely to continue for some time.”
Meanwhile, SM Gyeongnam Enterprise plans to launch sales of Gunsan Gyeongnam Honorsville The Ocean in the Jochon-dong area of Gunsan City, Jeollabuk-do, this month. The complex will consist of 873 units of apartments with exclusive areas ranging from 84 to 105 square meters, in 11 buildings from 5 basement floors to 29 above-ground floors.
Jochon-ro (Richway), where Gunsan Gyeongnam Honorsville The Ocean will be located, is an emerging residential area connecting The Ocean City to the Administrative Town and is a representative affluent area in Gunsan. In particular, Gunsan Gyeongnam Honorsville The Ocean boasts a residential environment that enjoys both convenient city life and pleasant green life, as it is situated in the central location of 'Richway.'
Large shopping facilities such as Lotte Mall Gunsan, the largest shopping mall in Jeonbuk, and E-Mart, as well as convenience facilities including Lotte Cinema, the Administrative Welfare Center, and Gunsan City Hall, are located nearby. Jeonbuk National University Hospital, with a total floor area of 66,613 square meters, is scheduled to open in 2027. The complex is adjacent to The Ocean City and the Administrative Town, developed through a 596,163 square meter-scale complex project, allowing residents to share various living infrastructures.
It also has a one-stop school zone within walking distance to Kyungpo Elementary School, Gunsan Dong Elementary School, and Gunsan Jeil Middle and High Schools, with a nearby academy district, boasting an excellent educational environment. To the immediate right of the complex are Maemisan and Toseongsan mountains, providing a pleasant residential environment. Residents can also easily visit abundant green spaces such as the Geum River, the front sea of Gunsan, Gunsan Lake, and Wolmyeong Sports Complex, allowing them to enjoy a healing life in a natural environment.
Gunsan Gyeongnam Honorsville The Ocean, constructed by SM Gyeongnam Enterprise with extensive know-how, also boasts excellent product quality. The complex maximizes sunlight and lighting through a floor plan mainly consisting of 84㎡ units preferred by end-users and south-facing unit arrangements. Most units are designed with a 4Bay structure to enhance views and space utilization, and ample storage spaces such as pantries and dressing rooms are separately provided inside. Some units are configured as penthouses with terraces that can be used according to the lifestyle of the residents, offering a high-end residential premium. Additionally, specialized landscaping and diverse community facilities that leverage the premium of the large-scale complex of 873 units will be established.
Moreover, the complex is designed as a park-type complex with no cars on the ground, providing a safe residential environment for both children and the elderly. Various facilities such as daycare centers, small libraries within the complex, a top-class resort-style fitness center, an indoor golf practice range, and a guest house will be provided inside the complex.
Meanwhile, Gunsan City in Jeonbuk, where Gunsan Gyeongnam Honorsville The Ocean is being developed, is a non-regulated area. After joining the subscription savings account for more than six months and meeting the deposit requirements by area, not only the head of the household but also household members qualify for first priority subscription, and even homeowners can apply for first priority subscription. Since it is a non-regulated area, resale of pre-sale rights is possible, and there are no restrictions on re-winning.
Gunsan Gyeongnam Honorsville The Ocean is preparing to open its model house.
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