Strong Demand for Small and Medium Apartments in Busan... 'Sicheong Station Haemoro Centia' for Sale

- From January to October this year, 86% of 22,970 sales in Busan were 41㎡ to 85㎡
- Likely due to increase in 1-2 person households and real demand, plus loan burden

The strength of small-to-medium-sized units continues in the Busan housing market.

Recently, demand for small-to-medium-sized apartments for 1-2 person households has significantly increased, but supply has not kept pace. As a result, most of the apartments traded in Busan this year were small-to-medium-sized units.

According to the apartment sales transaction status from the Korea Real Estate Board, the number of apartment sales transactions in Busan from January to October this year totaled 22,970. By size, the apartments with the highest number of sales transactions were those with an exclusive area over 61㎡ up to 85㎡, with 11,315 transactions. The second most traded apartments were those with an exclusive area over 41㎡ up to 60㎡ (7,337 transactions). Apartments with an exclusive area over 21㎡ up to 40㎡ also recorded 1,242 transactions. The combined transaction volume of these three size categories accounted for 86% of the total, indicating that practically only small-to-medium-sized apartments were traded.

On the other hand, transactions for apartments larger than 86㎡ were only 2,844. Specifically, apartments sized over 86㎡ up to 100㎡ had 366 transactions, over 101㎡ up to 135㎡ had 1,876, over 136㎡ up to 165㎡ had 436, over 166㎡ up to 198㎡ had 109, and those over 198㎡ had 54 transactions, showing that large-sized apartment trades were relatively few.

The reason for the high volume of small-to-medium-sized apartment transactions appears to be the increased loan interest burden due to interest rate hikes, which has made people prefer small-to-medium-sized units over medium-to-large ones.

Additionally, the increase in 1-2 person households in Busan has also influenced the popularity of small-to-medium-sized apartments. According to the Statistics Korea report “One-Person Households in Statistics,” Busan has a total of 1,448,000 households, of which 512,000 are one-person households, accounting for 35.3%.

A real estate expert said, “In the Busan housing market, the increase in 1-2 person households has led to a rise in demand for small-to-medium-sized apartments not only for actual living but also for rental purposes, resulting in many investments in practical small-to-medium units during transactions. Given the increased loan interest burden, the preference for small-to-medium-sized units is expected to grow further.”

Meanwhile, a complex with small-to-medium-sized units located within a 5-minute walk from City Hall Station on Busan Metro Line 1 is attracting attention as it is currently being sold.

HJ Heavy Industries (formerly Hanjin Heavy Industries) is selling ‘Sicheong Station Haemoro Centia’ in the Yeonsan-dong area of Yeonje-gu, Busan. The complex consists of 4 buildings with 3 basement floors and 25 above-ground floors, offering exclusive areas ranging from 39 to 84㎡, with a total of 376 households. Some unit types have already been sold out, and contracts for all types are nearing completion.

‘Sicheong Station Haemoro Centia’ features full glass windows and glass railings in all units, providing excellent openness and natural lighting inside the homes. Additionally, an indoor louver-type daylighting system is applied in one bedroom per unit, reflecting daylight onto the ceiling to maximize natural lighting and insulation, incorporating an eco-friendly design.

Moreover, the complex applies the recently popular trend of ‘Colorterior.’ ‘Colorterior’ is a combination of ‘color’ and ‘interior,’ meaning decorating the home with appliances and furniture in various colors to suit personal tastes. Residents can choose preferred colors for kitchen cabinets and display cabinets by unit type, allowing them to add unique color points to their homes.

The greatest advantage of ‘Sicheong Station Haemoro Centia’ is its location benefiting from Busan City Hall infrastructure. With ongoing redevelopment projects nearby, it has high future value, excellent transportation conditions, and outstanding living infrastructure.

It is a double station area served by Metro Lines 1 and 3, allowing easy access throughout Busan, and it is an ultra-station area within a 5-minute walk to City Hall Station on Line 1.

Furthermore, it is close to Jungang-daero and World Cup-daero, making travel to Seomyeon, Sajik, and Dongnae areas convenient. Major administrative facilities such as Busan City Hall, Yeonje District Office, and the National Tax Service are nearby, and within about 500 meters walking distance, there are various convenient living infrastructures including E-Mart, a public health center, and a library.

Nearby schools such as Yeonsan Elementary and Yeonje Elementary, as well as other elementary, middle, and high schools, are within walking distance, providing an excellent educational environment for children.

The average sale price is 19.3 million KRW per 3.3㎡. Nearby complexes have sold for well over 20 million KRW per 3.3㎡, and with the upward trend in prices expected to continue, this is anticipated to be the last new complex in Busan priced in the 19 million KRW range.