The Korea Development Institute (KDI) expects the economy next year to show a "low in the first half, high in the second half" pattern, raising hopes that the real estate market will also gradually recover from the second half of next year. Accordingly, industry experts suggest that if one is considering the recovery of the real estate market next year, now is the right time to purchase a home.
According to the '2022 Second Half KDI Economic Outlook' report published by KDI on the 10th, the domestic economic growth rate next year is expected to rise by 1.4% in the first half and 2.1% in the second half. While a clear economic slowdown is anticipated in the first half, a gradual recovery is expected as the year progresses. This outlook is based on the judgment that the sharp interest rate hikes in the U.S. are likely to stop after the first half of next year, and that domestic inflation, which is around 4% in the first half, will fall to 2.5% in the second half.
With the economic outlook showing a "low in the first half, high in the second half" pattern, it is also expected that the real estate market will exhibit a similar trend. Experts say that purchasing a home now, before the recovery, is a wise decision as it allows one to anticipate future value appreciation. If one waits until the market has turned upward to buy, rising prices and the recovery period of the real estate market may make homeownership even more difficult.
In particular, when the market turns upward, preference for branded complexes supplied by large construction companies is expected to increase. Branded apartments boast excellent product value with grand exterior designs befitting their names, innovative floor plans, differentiated specialized designs, and state-of-the-art systems. Compared to non-branded apartments, residents’ satisfaction is higher, and these complexes often become landmark properties representing their regions.
An industry insider said, "Although this year the domestic economy and real estate market seem to be on a continuous downturn due to high interest rate hikes, expectations are growing that both the economy and real estate market will gradually recover starting next year. Especially for branded apartments by large construction companies, prices are likely to rise sharply first when the market recovers, so the current period is actually a good opportunity for low-price purchases."
Meanwhile, GS Construction is currently selling 'Asan Xi Grand Park' in Yonghwa-dong, Asan-si, Chungnam Province. The official contracts will be conducted from November 29 to December 1.
Asan Xi Grand Park consists of various unit sizes ranging from 74 to 149 square meters, and depending on the type, innovative floor plans highly favored by buyers such as 4Bay slab-type structures, pantries, and dressing rooms are extensively applied. Among these, the 149㎡ unit type is designed as a penthouse maximizing space utilization through a family room and outdoor garden.
Additionally, GS Construction’s exclusive advanced systems attract attention. The Xi Smart Home System, Xi Energy Management System, and Xi Smart Pass are introduced to enhance residents’ living convenience. The ventilation-type air purification system 'Sysclean,' developed by GS Construction and Xi S&D, which allows automatic ventilation and purification without opening windows, is also a feature unique to Xi branded apartments.
Furthermore, GS Construction has developed the industry's first mobile integrated app-based community service, 'XIAN vie,' enabling residents of this complex to easily reserve community facilities and use additional services. Asan Xi Grand Park offers unique community features such as a resident caf? OCS (Open Coffee Station), YBM English Library (in Complex 1), and Kyobo Bookstore Curation Library (in Complex 2), which are expected to increase the utilization of 'XIAN vie.'
Moreover, as the complex is developed through a private park special project linked to the planned Yonghwa Sports Park, the landscaping facilities and park within the complex are designed to be connected. Landscaping facilities include Elysian Garden, Xi Fun Ground, Xi Healing Garden, and Xi Forest, allowing residents to experience a premium life in a pleasant natural environment.
Asan Xi Grand Park is being developed in Yonghwa-dong, Asan-si, Chungnam Province, with a total of two complexes and 1,588 households. ▲ Complex 1 consists of 739 units ranging from 74 to 149㎡. ▲ Complex 2 consists of 849 units ranging from 84 to 149㎡. The complex recorded the highest number of subscription applications in Asan-si this year during the first priority subscription held in early November.
'Asan Xi Grand Park' is currently operating a model house.
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