As the government eases real estate regulations, expectations for a smooth market landing are rising. In fact, housing price declines are slowing and transaction volumes are recovering, starting from popular areas such as the metropolitan area.
According to the Korea Real Estate Board's housing price trend survey, the housing sales price index in the metropolitan area recorded -2.6 in December last year, then -1.86 in January this year, and -1.38 in February, showing a gradual reduction in the rate of decline. This is interpreted as reflecting expectations of regulatory easing following the government's announcement of the 'January 3 Real Estate Measures' earlier this year.
Transaction volumes are also showing a clear recovery trend. According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system (as of the end of March), apartment sales transactions in the metropolitan area in the first quarter of this year totaled 29,789, more than double the 14,329 recorded in the fourth quarter of last year. Seoul increased from 2,244 to 5,543 transactions, and Gyeonggi (9,334 → 19,107) and Incheon (2,751 → 5,139) also recovered to last year's second quarter levels.
Along with transaction volumes, occupancy rates have also risen. According to the 'March 2023 Apartment Occupancy Outlook Index' released by the Korea Housing Industry Research Institute on March 21, the occupancy rate in the metropolitan area rose 1.9 percentage points from 75.2% in January to 77.1% in February this year. The March occupancy outlook index also recorded 71.0, up 3.5 points from the previous month (67.5).
As the previously frozen metropolitan real estate market sentiment reversed this year, interest in prime pre-sale complexes is also increasing. This is to secure complexes with high future value in preparation for a potential rebound in housing prices. A representative example is ‘Rapiano Switzen Yangju Okjeong,’ which is conducting first-come, first-served contracts in Yangju, Gyeonggi Province.
The complex is gaining attention as a prime property that combines abundant living infrastructure, future value from nearby development benefits, and contract conditions that reduce interest burden amid high interest rates.
‘Rapiano Switzen Yangju Okjeong’ is located in Okjeong-dong, Yangju-si, Gyeonggi-do (Okjeong District of Yangju New Town), consisting of 34 buildings with 456 units, all exclusively 84㎡ in size, built with one configuration from basement level 1 to 4 floors above ground. Anyone aged 19 or older can contract regardless of subscription savings account duration, residence area, home ownership, or re-winning status, and can directly select the desired building and unit number.
The complex is situated in Yangju New Town, the largest development in the northeastern metropolitan area, promising excellent residential conditions. It offers convenient access to surrounding cities via Sejong-Pocheon Expressway, the planned Metropolitan Area 2nd Ring Expressway, and National Road No. 3. National Road No. 3 and Deokjeong Station on Subway Line 1 are also nearby.
Within a 1.5 km radius, all elementary, middle, and high schools in Okjeong are located, and residents can enjoy the central commercial facilities of both Okjeong District in Yangju New Town and the Hoecheon District central commercial area. Large marts such as E-Mart and LF Square, as well as cultural facilities like CGV and Okjeong Lake Library, are also accessible.
The complex also offers a pleasant living environment. Landscaping facilities are maximized with cherry blossom tree-lined streets and meadow flower gardens within the complex, and large green spaces such as Okjeong Ecological Forest Park, Dokbawi Park, Okjeong Sports Park, and Seondol Neighborhood Park are abundant nearby.
Future value is also promising. Yangju City, where the complex is located, is advancing major development projects including ▲ GTX-C Line (scheduled for 2028) ▲ Metropolitan Area 2nd Ring Expressway (scheduled for 2023) ▲ Deokjeong Station Transfer Center (scheduled for 2026) ▲ Subway Line 7 extension project (scheduled for 2024) ▲ Yangju Station area development project (scheduled for 2023) ▲ Gyeonggi Yangju Techno Valley development project (scheduled for 2024) ▲ Eunam General Industrial Complex (scheduled for 2023).
The contract conditions are also eye-catching with a down payment (1st installment) of 5% and 90% balance payment, eliminating concerns about interim loan interest. Although the base interest rate hike has stopped, the high interest rate of 3.5% per annum remains. The complex reduces the initial financial burden on buyers by lowering the proportion of the first contract payment to 5% of the sale price. After paying the contract deposit, there are no additional costs until move-in, which is considered to ease financial pressure relatively.
Rapiano Switzen Yangju Okjeong is currently operating a model house.
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