As Supply Decreases, New Apartments 'Nonsan I-Park' Gain Attention

- Decline in real estate market leads to reduced supply... Scarcity of new apartments increases
- 'Nonsan I-Park' offers financial benefits at reasonable prices

With the real estate market deteriorating due to an economic recession and soaring construction costs, the supply of new apartment units for sale is expected to significantly decrease within the year, drawing increased attention from buyers to the apartments currently on the market.

Generally, when construction costs rise, sale prices also increase, prompting more buyers to seize the opportunity to purchase their homes now. As the supply of move-in units declines, the scarcity of new apartments rises, making it advantageous to buy now to maximize capital gains.

According to real estate research firms, last year’s nationwide apartment sales totaled 185,261 units. This represents only 72% of the 258,003 units that construction companies had planned to sell. Considering that the average annual sales from 2015 to 2023 were around 300,000 units, sales have dropped nearly 40% compared to the average.

This year’s sales market remains uncertain. The planned supply of private apartment units is 265,439, slightly higher than last year but about 25% lower than the average over the past five years (2019?2023). Coupled with negative factors in real estate project financing (PF), the actual supply of planned units could be disrupted.

A real estate industry insider stated, “The housing market is expected to remain sluggish for the time being, and new apartment sales volumes are likely to decrease significantly, leading to a reduction in move-in units over the next few years. Therefore, the scarcity of new apartments will increase, making it a good strategy to secure an apartment currently on sale as a way to own a home.”

Among these, there is a complex currently offering remaining units on a first-come, first-served basis in Dae-gyo-dong, Nonsan, Chungnam.

HDC Hyundai Development Company is developing a complex in Dae-gyo-dong, Nonsan-si, Chungnam, consisting of 7 buildings ranging from 2 basement floors to 24 above-ground floors, with a total of 453 units sized between 84 and 158 square meters. The unit distribution by size is as follows: △84㎡A 151 units △84㎡B 146 units △84㎡C 82 units △106㎡ 71 units △152㎡ penthouse 2 units △158㎡ penthouse 1 unit. Amid uncertain future housing supply plans in Nonsan, this will be the only new apartment complex available for move-in in 2025.

‘Nonsan I-Park’ applies a fixed contract payment system (1st/2nd installments) and 60% interest-free interim payments (excluding penthouses) to reduce financial burdens for buyers. After completing 10% of the contract payment, resale of the sale rights is also permitted.

‘Nonsan I-Park’ units are primarily south-facing and offer a variety of residential space options, including two-sided open tower-type layouts and terrace-type penthouses. Additionally, two guest houses are provided to enhance convenience.

The 84㎡ (some units) and 106㎡ units feature three bedrooms, two bathrooms, a living room, kitchen, and multipurpose room, designed in a 4Bay slab-type layout that ensures excellent lighting and ventilation. Bedroom 1 is connected to a bathroom, powder room, and dressing room, creating a private space exclusively for couples. The kitchen is designed in a ‘ㄷ’ (U-shaped) layout for efficient cooking flow and is aligned linearly with the living room for good ventilation.

The 152㎡ units include a spacious terrace that can be used as a private garden, home caf?, or hobby space, while the 157㎡ units enhance storage with a pantry, multipurpose space, and terrace. Bedroom 1 can also be configured as an independent space.

Surrounded by four themed natural spaces, the complex offers a uniquely pleasant living environment even within the city. At the center, a large multipurpose community plaza will be established. Resident facilities include a waterfront relaxation area, integrated playgrounds for children and toddlers, daycare center, senior citizens’ center, library, and fitness center.

Approximately 40% of parking spaces are designed as expandable, exceeding the legal requirement of 30% by over 10%, and providing 1.37 parking spaces per household to ensure more comfortable parking.

‘Nonsan I-Park’ is conveniently located near various lifestyle infrastructures. Within a 10-minute walk is Hwaji Central Market, forming a commercial hub with easy access to shopping, hospitals, and financial institutions. Within a 1 km radius are numerous educational facilities including Nolmoe Kindergarten, Dongseong Elementary School, Banwol Elementary School, Nonsan Girls’ Middle School, Saint Paul Girls’ Middle and High School, and Nonsan Technical High School.

Close to KTX Nonsan Station, city bus stops, and intercity and express bus terminals, public transportation access is convenient. Nearby, Seononsan IC and National Routes 4 and 23 enable quick travel to surrounding areas.

On the ‘Nonsan I-Park’ website, detailed information about floor plans, interiors, and a cyber model house are available, and a physical model house is also open for visitors.