As the recent trend of rising apartment sale prices continues for an extended period, the burden on non-homeowners seeking to secure housing is increasing. Industry experts cite the rise in construction raw material costs as a major factor prolonging the increase in sale prices.
In fact, prices for raw materials such as ready-mixed concrete, window glass, slabs, and general rebar, as well as labor costs for rebar workers, specialized laborers, and general workers, are continuously rising. The government is also fueling the situation by citing rising raw material prices as a reason for increased construction costs. The Ministry of Land, Infrastructure and Transport announced in September that the basic construction cost would be raised by 1.7%, from 1,943,000 KRW per square meter to 1,976,000 KRW. This has led to a dominant expectation that sale prices will continue to rise due to inflation and other factors. Additionally, although the Zero Energy Building certification obligation (ZEB certification), scheduled to be implemented this year, has been postponed by one year, it is estimated that construction costs could increase by up to 8% once applied.
According to the Housing and Urban Guarantee Corporation (HUG)’s “Private Apartment Sale Price Trends” on the 7th, the nationwide apartment sale price per 3.3㎡ was 17.1 million KRW in November last year, up approximately 20.7% from 14.17 million KRW in January 2022. For the popular unit size of 84㎡ (formerly 34 pyeong), this represents an increase of about 99.62 million KRW.
Amid this, the “Chilgok Waegwan World Meridian Wellidge,” offering new apartments at reasonable prices starting from the 8 million KRW range in the Gyeongbuk area, is attracting attention. The sale price for the 84㎡ unit is set from the 200 million KRW range, providing affordability, along with various financial benefits such as a fixed first deposit of 10 million KRW and a 60% interest-free mid-payment.
Chilgok Waegwan World Meridian Wellidge is located in Block 1 of the Geumsan Land Readjustment Project Zone in Waegwan, Chilgok, Gyeongbuk. It consists of six buildings ranging from three basement floors to 20 above-ground floors, with a total of 352 units sized 84㎡ and 150㎡. Additionally, various amenities are planned between buildings to offer residents comfort.
Approximately 10,000 workers are employed at the Waegwan General Industrial Complex, which is located adjacent to the complex. Furthermore, about 150,000 employees work at nearby facilities such as the Hyundai Motor Chilgok Logistics Center, Yeongnam Inland Logistics Base, and Chilgok Agricultural Machinery Specialized Industrial Complex, providing excellent proximity to workplaces.
The complex also boasts excellent transportation conditions. Near Chilgok Waegwan World Meridian Wellidge is Waegwan Station, where the first phase of the Daegu Metropolitan Railroad project is underway as part of the 4th National Railroad Network Plan, expected to enhance the location’s value in the future. The Daegu Metropolitan Railroad is a 61.8 km line connecting Gumi, Chilgok, Daegu, and Gyeongsan along the existing Gyeongbu Line, with construction scheduled for completion by December this year.
Additionally, a road to improve regional connectivity is set to open. The Dalo-Geumsan urban planning road, connecting the Dalo and Geumsan districts right in front of the complex, is scheduled to open in March next year. This will facilitate easier access to the Waegwan central area and convenient use of transportation and public facilities such as Waegwan Station, Waegwan South and North Bus Stops, Chilgok County Office, and Daegu District Court Chilgok Branch.
Considering the location characteristics around Chilgok Waegwan World Meridian Wellidge, the exterior has been designed to stand out, and green spaces and resting areas will be provided on the complex grounds for residents’ healthcare. Various community facilities will also be developed within the complex, promising high living satisfaction for residents.
A real estate expert in the Gyeongbuk area stated, “Due to inflation and rising construction costs, the nationwide trend of increasing sale prices is prolonging, intensifying the burden on non-homeowners seeking housing. Therefore, demand is expected to concentrate on competitively priced complexes.”
The Chilgok Waegwan World Meridian Wellidge housing exhibition hall is located in Waegwan-eup, Chilgok-gun, Gyeongbuk.
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