Companies Flock in Large Numbers Increasing Demand... Focus on Investment Value
Although the real estate market is freezing due to recent interest rate hikes and other factors, house prices in Eumseong-gun, Chungbuk have been steadily rising this year.
According to the weekly apartment sales price index from the Korea Real Estate Board, apartment prices in Eumseong-gun, Chungbuk recorded either stable or rising trends for 34 out of 39 weeks from the first week of January to the fourth week of September this year. Furthermore, from April to July, when nationwide house prices were either stable or declining, apartment prices in Eumseong-gun rose continuously for 17 weeks without any stagnation.
The reason for the vibrant housing prices in Eumseong-gun lies in the development of industrial complexes. When industrial complexes are established, abundant job opportunities lead to an influx of population, which in turn increases housing demand.
Currently, Eumseong-gun has a total of 16 industrial and agro-industrial complexes, including Seongbon Industrial Complex, Wonnam Industrial Complex, and Geumwang Agro-Industrial Complex, with an additional 7 complexes planned. The amount of investment attracted due to this reached 4.3 trillion KRW as of last year. Moreover, as companies gather in Eumseong-gun, the region’s GRDP (Gross Regional Domestic Product) stood at approximately 8.17 trillion KRW in 2019 (latest data), ranking second within Chungbuk Province.
An industry insider said, “Although house prices are declining due to recent interest rate hikes and loan regulations, areas where industrial complexes are developed and abundant jobs are secured show the opposite trend in house prices. With additional industrial complexes planned and continuous population inflow expected in Eumseong-gun, interest in newly launched apartments is increasing.”
Meanwhile, Woomi Construction plans to launch ‘Eumseong Woomirin Full House,’ a large complex of 1,019 households with exclusive areas ranging from 84 to 111㎡, in October at the Chungbuk Eumseong Enterprise Complex City (Seongbon Industrial Complex).
The Eumseong Enterprise Complex City is located in Geumwang-eup and Daeso-myeon areas of Eumseong-gun, Chungbuk, and is the central axis of an innovative industrial cluster developed over 2 million㎡ with an investment of about 410 billion KRW. According to Eumseong-gun, 54 companies are scheduled to move in as of September. Additionally, since the Eumseong Enterprise Complex City is a public housing site, the complex is subject to the price ceiling system for sale prices. Therefore, one advantage is the ability to purchase new apartments at competitive prices. For the first time in Eumseong, the complex will feature an indoor swimming pool with a toddler pool and shower facilities, as well as community amenities such as a fitness club, indoor golf practice range, study room, and a small library.
Currently, the ‘Woomirin Cafe’ is in operation, where visitors can enjoy drinks, healing time, and share information about the complex. Additionally, before the model house opens, an event is underway where participants can win prizes including an LG Styler as the grand prize, with a 100% chance of winning.
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