- Rent Prices Expected to Rise Further During Autumn Moving Season...
- Publicly Supported Private Rental Apartments Emerging as an Alternative
Recently, due to the rising jeonse prices in the Seoul metropolitan area, public-supported private rental apartments are gaining attention.
According to the housing sales industry, in August this year, the jeonse prices of apartments in the metropolitan area increased by 0.02% compared to the previous month. This marks a shift to an upward trend for the first time in 1 year and 3 months since May last year. During the same period, Seoul saw a 0.07% increase, and Gyeonggi-do also escaped the downward phase with a 0.01% rise.
This trend is expected to continue for the time being, as jeonse demand in the metropolitan area is increasing. According to the Korea Real Estate Board, from January to July this year, the number of jeonse transactions for apartments in the metropolitan area was 94,413, an increase of 6,265 transactions compared to the same period last year (88,148 transactions). Considering the active movement to find jeonse housing during the autumn moving season, it is analyzed that jeonse prices in the metropolitan area will rise further.
Real estate experts predict, “As jeonse demand increases recently, the upward trend is expected to continue mainly in residential preferred areas with excellent living conditions,” adding, “If this trend continues, the range of jeonse price increases will gradually expand not only in Seoul but also in the outskirts of Gyeonggi-do.”
- Minimizing housing cost burden... Various small and medium-sized floor plans and customized residential services for residents attract attention
Meanwhile, recently, housing demanders are turning their attention to public-supported private rental apartments. This is because they can minimize the burden of housing costs and live long-term without worrying about rent increases.
In fact, public-supported private rental housing allows long-term residence for up to 10 years without the worry of moving. Also, the initial rent is reasonably set at 85-95% of the surrounding market price. The rent increase rate is also limited to within 5% per year.
Along with this, anyone aged 19 or older who is homeless or a member of a homeless household can apply without a subscription savings account. Also, since it is not included in the number of houses owned, re-winning restrictions do not apply when applying. There is no tax burden related to house ownership such as acquisition tax, property tax, or comprehensive real estate tax.
A recently emerging public-supported private rental apartment is ‘Elip Icheon High City,’ which will be supplied in October. Located in Amiri, Bubal-eup, Icheon-si, Gyeonggi-do, it consists of 6 buildings from basement level 1 to ground level 17, with a total of 406 households of exclusive areas 44㎡, 59㎡, 76㎡, and 84㎡. It will be supplied with 82 units for special supply (youth) and 324 units for general supply.
Specifically, it features a variety of small and medium-sized floor plans: △ 20 units of exclusive 44㎡A △ 10 units of exclusive 44㎡B △ 51 units of exclusive 59㎡ △ 54 units of exclusive 76㎡ △ 250 units of exclusive 84㎡A △ 9 units of exclusive 84㎡B △ 12 units of exclusive 84㎡C.
‘Elip Icheon High City’ has prepared an environment where various family members from single-person households can live, considering the situations of young workers working at SK Hynix located right next door, Doosan Infracore Icheon Plant, OB Beer, Hite Jinro, and others. Also, some types include multi-purpose pantries and storage-specialized dressing rooms, maximizing the efficiency of residential space, which is noteworthy.
Customized services for residents and various community facilities also attract attention. ‘Elip Icheon High City’ plans to provide customized residential services for residents. Representative services such as in-house cleaning service (planned) and youth shared office support (planned) are expected to help residents’ convenient residential life. Additionally, spaces where residents can enjoy various leisure activities such as a fitness center, GX room, and golf practice range will be provided. Furthermore, childcare convenience facilities such as a moms’ cafe and kids’ cafe will be established within the community center.
- Adjacent to KTX and expressways... Improving living infrastructure, on-site daycare center and school bus operation (planned) attract attention
The transportation environment is also excellent. ‘Elip Icheon High City’ is located near Icheon IC, which provides access to the Yeongdong Expressway, enabling quick travel to other areas. It is also evaluated as easy to move to various parts of the metropolitan area via the nearby Gyeongchung-daero and Seongnam-Icheon-ro. In addition, the Bubal Station near the complex operates the Jungbu Inland Line KTX, and the rapid transportation network via the Gyeonggang Line allows quick travel to Seoul via Pangyo, which is also noteworthy.
The improving living infrastructure also draws attention. Currently, around ‘Elip Icheon High City,’ there are Hanaro Mart, E-Mart, Lotte Mart, and Lotte Outlet. In addition, the Bubal Station area development project is underway to the north of the complex. The Bubal Station area project involves creating residential and commercial facilities capable of accommodating 3,959 households (about 9,800 people) on a 524,000㎡ site around Shinha and Sanchon-ri near Bubal Station. Accordingly, the residential environment of ‘Elip Icheon High City’ is expected to improve further.
It is also suitable for parents with young children. ‘Elip Icheon High City’ plans to establish an on-site daycare center. Also, to ensure the safe commuting of children to and from school, a school bus service to nearby elementary schools will be operated. Furthermore, Sadong Middle School is located right next to the complex, so benefits from the school district apartment are also expected.
Meanwhile, the ‘Elip Icheon High City’ promotional center is scheduled to open in October and will be located in Bubal-eup, Icheon-si, Gyeonggi-do.
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