Recently, the real estate market atmosphere has changed dramatically. Reports of sold-out properties are coming in from various locations, and various indicators are also showing significant improvement. As a result, the buying fever is heating up in projects currently on sale. An industry insider said, “There is a noticeable increase in people who believe the market is bottoming out and preparing to rebound, and depending on favorable factors, there is a possibility of a rapid market turnaround by region.”
According to the real estate industry, sold-out news has been heard everywhere recently, regardless of whether it is the metropolitan area or provinces. In the metropolitan area, Seoul’s ‘Yeongdeungpo Xi Dignity’ has completed contracts, and the following projects ‘Hwikyung Xi Decencia’ and ‘Godeok Xi Centro’ recorded double-digit competition rates in the first priority round, making short-term sellouts highly likely. Gyeonggi Gwangmyeong’s ‘Cheolsan Xi The Heritage’ and Guri’s ‘Guri Station Lotte Castle Signature’ also completed 100% contracts.
The sales fever is also heating up in the provinces. Busan’s ‘Eco Delta City Prugio Lin’, Daejeon’s ‘Doan Umi Lin Trishade’, and Gwangju’s ‘WeMark Maryeok Park’ have found owners for all units. Cheongju’s ‘Bokdae Xi The Sky’ also recorded an 18:1 ratio in the non-priority round, showing strong enthusiasm.
Experts analyze, “Basically, psychological improvement is clear, centered on complexes that naturally have excellent locations and product competitiveness,” and “buyers who judged that the market atmosphere could change rapidly from the second half of this year to early next year have quickly entered the market.”
In fact, improved buyer sentiment is reflected in various indicators. According to the Korea Research Institute for Human Settlements, the housing market consumer sentiment index recorded 102.1 in February, rising more than 10 percentage points from January (91.5), and surpassed 100 for the first time since June last year.
Transaction volume is also surging. According to the Korea Real Estate Board, nationwide apartment sales transactions in February recorded 31,337 cases, more than 1.7 times higher than January (17,841 cases).
The official outlook that now is the bottom is also noticeable. According to the first quarter construction and housing market evaluation and outlook by the Korea Construction Policy Research Institute, “Although the housing price decline continues, the market is approaching the bottom due to improved supply-demand sentiment.”
In particular, the analysis that the ‘high interest rate fear’ has ended as the base interest rate was frozen twice consecutively until April is expected to ignite the reversed sentiment.
As the market atmosphere reverses, inquiries have greatly increased in projects that have started sales. Especially in the provinces, it seems that a selection process is underway, focusing on places with price competitiveness and many large-scale favorable factors.
Meanwhile, with a series of large-scale favorable news coming from Daejeon, attention is focused on ‘Grand Le Pied,’ the only project to start sales in Daejeon in the first half of the year.
Grand Le Pied is a large complex consisting of five buildings with 832 units, ranging from 119 to 169㎡ in exclusive area, and the tallest building in the Dunsan area with 47 floors. It is set to become a regional landmark located in the prime location of Dunsan-dong, representing Daejeon.
It boasts top-class facilities befitting its location, including an indoor swimming pool ‘Pied Pool,’ an indoor golf practice range ‘Golf Club’ equipped with screen seats and a putting zone, a ‘Fitness Club’ with Pilates and GX rooms and exercise facilities, a ‘Spa Club’ with sauna and shower facilities, and a sky lounge ‘Sunset Lounge’ on the top floor, making it a product that represents the local housing market.
Daejeon’s first premium breakfast service is also planned. To this end, an MOU has been signed with Shinsegae Food, and it is noteworthy that Shinsegae Food will provide breakfast service within the complex, the first such service in the provinces.
Moreover, key administrative infrastructure is concentrated near Grand Le Pied, making it worthy of being considered the center of Daejeon.
The government Daejeon office, Daejeon City Hall, Seo-gu Office, and Daejeon District Court are clustered nearby, forming the administrative hub. In addition, the Daejeon Dunsan Police Station and Daejeon District Prosecutor’s Office are located in front of the complex, providing excellent security and a safe living environment. The Defense Acquisition Program Administration is scheduled to relocate here, boasting excellent proximity for workers in various key administrative facilities.
Besides the benefit of the Defense Acquisition Program Administration relocation, a nano and semiconductor national industrial complex will be established. Upon completion, about 35,000 specialized personnel are expected to move into the area. The global pharmaceutical company Merck is also relocating to Daejeon. As the world’s first pharmaceutical company, Merck has chosen Daejeon as its relocation site among 17 cities in 17 countries worldwide, bringing a large-scale core workforce.
Accordingly, as the influx of high-level professionals into Daejeon increases, interest is growing in Grand Le Pied, which offers the highest quality residential products in the central area of Dunsan-dong.
Meanwhile, the Grand Le Pied showroom is accepting visitors by prior appointment.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
