High Demand for 84~98㎡ Units Preferred by Consumers Near Stations on the Seoul Subway Line 2 Extension
The decline in real estate prices in the Seoul metropolitan area has slowed down following the government's successive measures to ease real estate regulations. Amid this, Hanla Co., Ltd. announced on the 6th that ‘Incheon Jakjeon Hanla Vivaldi,’ currently being sold in Gyeyang-gu, Incheon, has minimized investment burdens by requiring only 5% of the sale price as a down payment, with no financial burden until move-in.
Since the end of last year, the government has introduced various regulatory easing measures to ensure a soft landing of the real estate market. As a result, the rate of price decline has decreased, and the sales supply-demand index has rebounded, signaling a halt to the previously falling real estate market. Experts agree that the current period, when construction companies are holding various promotional events to sell unsold apartments, presents an opportunity for genuine buyers who previously had relatively few chances to purchase their own homes.
Among the areas meeting these conditions, Incheon in the western part of the Seoul metropolitan area stands out. According to the Korea Real Estate Board’s analysis of the actual transaction price index for multi-family housing, Incheon reduced its price decline significantly from -3.29% in November 2022 compared to the previous month (October 2022) to 0.97% in December 2022. Additionally, construction companies are actively easing contract conditions to attract consumers.
These measures have opened new opportunities not only for genuine homebuyers but also for investors with surplus funds who already own homes. In particular, those dreaming of owning a home in the western Seoul metropolitan area should consider apartments in Incheon.
A representative example is ‘Incheon Jakjeon Hanla Vivaldi,’ an apartment planned by HL D&I Hanla Co., Ltd. in Gyeyang-gu, Incheon. The contract conditions have been eased from the previous 10% of the sale price to 5%, reducing the down payment to around 20 million KRW. This is the only such condition in Incheon, and no additional payments are required until move-in. The interim payment loan interest rate is also fixed at 4%, significantly reducing the initial financial burden.
There are also considerable advantages due to the lifting of regulatory area restrictions. First, the interim payment loan limit has increased from 50% to 60%. Pre-sale rights can be transferred before move-in, and anyone aged 19 or older can sign a contract without restrictions on residence area or the number of houses owned.
The interim payment loan also adopts a fixed interest rate. Even if market interest rates rise, the developer will bear the excess over the fixed rate. Since mortgage loan interest rates may rise to 7-8% within the year, the fixed interest rate application is a significant benefit.
Incheon Jakjeon Hanla Vivaldi will be built with four buildings ranging from two basement floors to 29 above-ground floors, comprising a total of 340 households: 173 units of 84㎡ Type A, 13 units of 84㎡ Type B, 25 units of 84㎡ Type C, 53 units of 84㎡ Type D, 54 units of 84㎡ Type E, and 22 units of 98㎡ Type A (based on exclusive area).
Incheon Jakjeon Hanla Vivaldi is currently operating a model house.
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