Gunsan City’s Housing Market Revives, ‘ePyeonhansesang Gunsan Diocean Luce’ Attracts Attention

- Jeonbuk Gunsan, soaring sale prices and rising jeonse rate
- The only property in Gunsan with actual transaction price exceeding 500 million won: The Ocean City

The housing market in Gunsan is reviving with the arrival of the spring moving season. Recently, as new apartment sale prices have soared and the jeonse (long-term lease) rate has increased, a sentiment of "now is the right time to buy" is forming, especially around already sold complexes.

According to data from the Housing & Urban Guarantee Corporation (HUG), the sale price per 3.3㎡ of newly supplied private apartments in Jeonbuk over the past year (February 2023 to February 2024) rose by a staggering 18.66%, far exceeding the national average increase of 13.49%. In fact, the most recent complex sold in Gunsan, Jeonbuk (October 2023) saw the sale price for an 84㎡ unit surpass 400 million KRW.

The jeonse rate, considered a "barometer" of housing price recovery, is also on the rise. According to Real Estate R114 data, the apartment jeonse rate in Gunsan in February this year was 72.40%, up 0.45 percentage points from 71.95% in the same month last year (February 2023). This figure exceeds the Jeonbuk average jeonse rate of 70.90%.

Given these conditions, transactions are also picking up. Data from the Korea Real Estate Board shows that as of January this year, the volume of apartment pre-sale right transactions in Gunsan increased by 29.17% compared to January last year (2023), and apartment sales transactions rose by 86.62% during the same period.

Industry experts largely agree that now is the right time to buy. With the regular announcement of the basic construction cost in early March leading to increased construction costs, sale prices for complexes approved after March are expected to rise further. Additionally, with the jeonse rate on the upswing, it is advantageous to secure a home now.

An industry expert stated, "In the past, many missed the buying opportunity by waiting for prices to fall further during downturns. Therefore, it is important to pay attention to already sold complexes with high potential for price increases." They added, "In the Gunsan area, the D.Ocean City complex, which was the only one to exceed 500 million KRW in actual transaction price, can be highlighted."

Meanwhile, DL E&C is successfully conducting contracts for ‘e-Pyeonhansesang Gunsan D.Ocean Luce,’ located in the D.Ocean City area of Gunsan, Jeonbuk. e-Pyeonhansesang Gunsan D.Ocean Luce is offered at the most competitive sale price among new complexes in the area, significantly reducing the burden on local buyers.

Furthermore, the contract deposit can be paid in three installments: 5 million KRW for the first, 15 million KRW for the second, and the remaining 10% of the contract price for the third. Notably, interest support is provided for the third installment. Additionally, a full 60% of the interim payment is interest-free, so even if interest rates rise later, buyers will not face interest burdens. Buyers can secure their home with an additional 20 million KRW until move-in without worrying about extra costs. Since these benefits are offered for a limited time, demand from buyers eager to seize the opportunity continues to grow.

Especially as ‘e-Pyeonhansesang’ is the leading apartment brand in Gunsan, it is highly regarded by local buyers. In the D.Ocean City area, a total of about 2,000 households form the e-Pyeonhansesang brand town, including ‘e-Pyeonhansesang D.Ocean City Phase 1 (854 households),’ ‘e-Pyeonhansesang D.Ocean City Phase 2 (423 households),’ and ‘e-Pyeonhansesang D.Ocean Luce (800 households).’ Among these, ‘e-Pyeonhansesang D.Ocean City Phase 1’ has established itself as the highest-priced complex in Gunsan (Real Estate R114, as of March 22).

Meanwhile, e-Pyeonhansesang Gunsan D.Ocean Luce consists of 8 buildings ranging from 2 basement floors to 29 floors above ground, with units sized from 84 to 155㎡, totaling 800 households. The housing exhibition center is located in the Gyeongam-dong area of Gunsan, Jeonbuk, and move-in is scheduled for July 2025.