Office-Tel Value Determined by Work-Residence Accessibility... "Busan Genesis City Duplex Office-Tel Re-Subscription Open"

[Photo by a Genesity official]

Busan Genecity Officetel announced on the 28th that it will conduct a re-application in the Busan area on October 10.

As we enter an era of high interest rates, the burden of interest has increased, leading to a higher proportion of monthly rent compared to jeonse (long-term deposit lease). This phenomenon is naturally driven by the popularity of small apartments or officetels like Genecity. According to the Korea Real Estate Board on the 20th, the average sale price of officetels nationwide has shown an upward trend regardless of the schedule of base rate hikes announced in January, April, May, and July.

The average sale price of officetels, which was 216.07 million KRW in January this year, rose to 216.24 million KRW in February, then 216.52 million KRW in March, 216.66 million KRW in April, 216.93 million KRW in May, 217.13 million KRW in June, and 217.17 million KRW in July, showing a continuous price increase throughout the first half of the year.

Busan Genecity is a duplex officetel building ranging from basement level 1 to basement level 20. It offers units sized between 16 pyeong and 22 pyeong, featuring trendy layouts in both single and duplex types.

Designed for the younger generation, it is the first duplex officetel. It is sensibly designed targeting young tenants such as the MZ generation, with stylish interior work. In particular, the wide, unobstructed living room allows all family members to enjoy a highly satisfying lifestyle.

A representative from HomesCare said, “One of the virtues of modern people is ‘proximity between workplace and residence.’ Genecity boasts an optimal location, with 11 IT company knowledge industry centers planned in the surrounding area and the eco-friendly Busan Venezia Park just a 10-minute walk away.”

Meanwhile, Busan Genecity has partnered with the rental management company HomesCare to eliminate concerns about vacancies by ensuring rental payments.