The Ulsan real estate market is bottoming out and turning upward. As warmth returns to the local real estate market, apartment prices and transaction volumes are rising together, and record-high transactions are occurring one after another, spreading the perception that "now is the right time to buy a home."
According to the Korea Real Estate Board's 'Weekly Apartment Price Trends,' apartment sale prices in Ulsan rose by 0.01% in the first week of August, marking an upward turn after 14 months, and continued to rise by 0.04% in the second week, maintaining a two-week consecutive increase. In particular, Nam-gu has shown a rising trend for five consecutive weeks since the second week of July.
This has also affected apartment transaction volumes in Ulsan. According to Real Estate R114 data, the quarterly apartment sales in Ulsan increased by 1,080 units from 1,515 in the fourth quarter of last year to 2,595 in the first quarter of this year. In the second quarter, it rose further to 3,252 units, an increase of 657 units compared to the previous quarter, showing an upward trend.
In this situation, record-high apartment transactions are occurring frequently. According to data from the Ministry of Land, Infrastructure and Transport, in May, a 217㎡ unit in ‘Ujeong IPARK’ in Ujeong-dong, Jung-gu, was sold for 1.65 billion KRW, setting a new record price and becoming the most expensive apartment transaction in Ulsan this year. In the same month, a 101㎡ unit in ‘Munsuro 2nd IPARK 2 Complex’ in Sinjeong-dong, Nam-gu, was sold for 1.015 billion KRW (May 2023), breaking the highest price in 5 years and 11 months, and a 59㎡ unit in ‘Beonyeong Rohaneulchae Central Park’ in Yaeum-dong, Nam-gu, was sold for 509 million KRW, also setting a new record price.
Meanwhile, Kumho Construction plans to launch ‘Munsuro Kumho Eoullim The First’ in the Sinjeong-dong area of Nam-gu, Ulsan, in September. The complex will consist of four buildings ranging from three basement floors to 37 floors above ground, with a total of 402 units of 84㎡ A, B, and C types. The breakdown by type is △84㎡ A with 140 units △84㎡ B with 128 units △84㎡ C with 134 units.
According to a representative of ‘Munsuro Kumho Eoullim The First,’ they plan to offer a reasonable sale price that meets buyers' expectations. By focusing on a construction company-led project, they aim to reduce developer profits and cut unnecessary marketing costs to provide a reasonable sale price in the mid-700 million KRW range. Additionally, various financial benefits, including a fixed contract deposit system to ease buyers' financial burdens, will be offered. The nearby ‘Munsuro 2nd IPARK 2 Complex’ 84㎡ unit recently changed hands for 925 million KRW, and surrounding complexes are also raising their asking prices, riding the price increase trend, which is expected to attract significant buyer interest.
The complex also boasts an optimal residential location. Situated near Bongwol Intersection, it offers quick access to anywhere in Ulsan city and outskirts via Bongwol-ro, Samsan-ro, and Suam-ro through the Gongyeongtap Rotary. Additionally, it provides easy access to various industrial complexes such as Hyundai Motor Company and Hyundai Heavy Industries.
It is also advantageous for raising children. Within 1 km of the complex are prestigious Ulsan schools including Ulsan Jungang Elementary, Sinjeong Elementary, Wolpyeong Middle, Hakseong Middle, Ulsan Technical High, Ulsan Seo Girls’ Middle, Ulsan Girls’ High, Hakseong High, Sinjeong High, and Ulsan Girls’ High. Moreover, the Munsuro area is close to a cluster of well-known private academies. About a 10-minute walk away is Ulsan Grand Park, the largest park in Ulsan, featuring a large plaza, zoo, and leisure facilities, along with nearby Namsan Neighborhood Park and Taehwa River, offering a pleasant environment.
Convenient living facilities are abundant. Lotte Mart, Homeplus, Lotte Department Store, Hyundai Department Store, and large hospitals are all reachable within 10 minutes by car. Public offices such as Ulsan Metropolitan City Hall, Nam-gu Office, Ulsan District Court, Nambu Police Station, and Administrative Welfare Center are also located around the complex, providing a convenient lifestyle.
Significant development benefits are also included. The Ulsan Urban Railway (Tram) Line 1 construction project, connecting Taehwagang Station and Sinbok Rotary, a long-awaited project for Ulsan City, passed a feasibility reassessment on August 23. Once opened, residents will be able to use the nearby Gongyeongtap Rotary station, further improving transportation accessibility.
Community facilities within the complex will include a central sunken plaza, screen golf course and driving range, family exercise room, fitness center, business center, small library, Moms’ caf?, and daycare center.
Meanwhile, the model house for ‘Munsuro Kumho Eoullim The First’ is located in Daldong, Nam-gu, Ulsan Metropolitan City, and is scheduled to open in September.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
