Interest in Incheon Gyeyang Utop U-Bless Officetel as Seoul Sale Price Halves...

[Perspective View of 'Utop Ubless' in Gyeyang, Incheon]

When choosing a house considering future value, there is a condition to look at: population inflow. Recently, there is a complex launching new sales in areas with increasing population inflow, attracting the attention of applicants.

Yutap Construction started sales in September for the ‘Yutap U-Bless’ officetel and street mall sales facilities in Hyoseong-dong, Gyeyang-gu, Incheon. It is built with a total floor area of 53,007㎡, consisting of two buildings from 3 basement floors to 18 above-ground floors.

The officetel, located from the 2nd to the 18th floor, has a total of 408 units. It consists of 136 units of 40.7㎡ (Type A 68 units, Type B 68 units) and 272 units of 59.3㎡ (Types A, B, C, D each with 68 units).

The reason Incheon Gyeyang Yutap U-Bless is gaining attention is that population inflow in the metropolitan area is notably increasing toward Incheon, especially Gyeyang-gu, which has good accessibility to Seoul, as well as Seo-gu and Bupyeong-gu.

According to recent data from Statistics Korea’s population movement analysis, last year, the net migration (inflow minus outflow) from Seoul to Incheon was 10,513 people, and from Gyeonggi to Incheon was 2,228 people. As of May this year, the net increase from Gyeonggi to Incheon was 5,610 people, and from Seoul to Incheon was 3,885 people.

The increase in population inflow ultimately leads to increased housing demand. These areas are also considered places where it is possible to own a home at an affordable price, making the sales market a focus of interest.

Looking first at price competitiveness, according to KB Real Estate, the average apartment sale price in Incheon in June was 19.58 million KRW per 3.3㎡, which is lower than Seoul (51.57 million KRW) and Gyeonggi (25.65 million KRW). The price gap was also significant in areas adjacent to Seoul. In particular, the average apartment sale price in Gyeyang-gu, Incheon, was 16.07 million KRW per 3.3㎡, less than half of nearby Seoul’s Gangseo-gu (41.45 million KRW).

Another reason ‘Yutap U-Bless’ attracts applicants is that urban development projects, including the construction of the Luwon City 2nd Complex Government Building and surrounding environment improvements, are underway near the complex.

The Luwon City Complex Government Building, which began construction on September 1, is expected to house nine Incheon municipal affiliated organizations and groups scattered across various districts as early as 2025. The complex consists of two buildings: an office building with 2 basement floors and 13 above-ground floors, and an education building with 2 basement floors and 5 above-ground floors.

Real estate experts expect that the nearby small business cluster and the new Incheon Regional Tax Office building, which will be built near the complex government building, will further enhance convenience for local residents and stimulate the regional economy.

The eco-friendly location surrounded by major walking trails in Incheon is also noteworthy. The Incheon Dulle-gil Trail 1, centered on Gyeyang Mountain, the Trail 2 centered on Cheonmasan Mountain, and the Trail 3 centered on Wonjeoksan Mountain each surround the complex from above and below.

The 50 commercial units within the Yutap U-Bless complex, developed as a street mall, also attract market interest.

With nine affiliated organizations and groups scattered throughout Incheon moving into the Luwon City Complex Government Building nearby, the number of related personnel such as affiliated public officials and public institution workers, as well as floating population, is expected to increase, which will positively influence the formation of commercial districts.

Additionally, the extension project of Seoul Subway Line 2, connecting Hongik University Station to Cheongna International City in Incheon, is expected to have a positive impact on increasing foot traffic to the commercial area once completed.