- Record-High Sale Prices Set This Year in 6 Nationwide Cities and Provinces
- Sale Price Uptrend Expected to Continue in the Second Half of the Year
As the nationwide trend of rising apartment sale prices continues, the demand for new apartments with reasonable prices is intensifying among buyers who are carefully selecting their options.
In the actual sales market, construction costs and sale prices have steadily increased due to rising prices of raw materials, land costs, and labor expenses.
According to Woori Bank’s Asset Management Consulting Center, this year, among the 17 metropolitan local governments nationwide, six areas including Seoul, Busan, Daejeon, Chungbuk, Chungnam, and Jeonbuk have recorded new all-time high sale prices per 3.3㎡. Notably, apartments in Seoul and Busan have been introduced with sale prices exceeding 100 million KRW and 60 million KRW per 3.3㎡, respectively.
Given this situation, in the first half of this year’s sales market, the perception that “now is the cheapest” has spread, and steady entry of buyers aiming to secure their homes before prices rise further has led to successful sales, especially in major metropolitan areas and branded complexes. In addition, although there were regional differences in local areas, the average subscription competition rate was a respectable 4.91 to 1, and some major complexes announced complete sales within a short period.
The industry expects this upward pressure on sale prices to continue into the second half of the year.
An industry insider said, “Especially from the second half of the year, the mandatory application of zero-energy building standards to private apartments will be expanded, which is expected to intensify the pressure on sale price increases. Accordingly, in the sales market, the entry of buyers aiming to secure reasonably priced new apartments before prices rise further may accelerate.”
With buyers’ attention increasingly focused on the remaining first half sales market, in Busan?which recorded the highest sale prices ever this year?‘The Sharp Riomont,’ a redevelopment project in Samseong-gu Eomgung 3 District, is set to be supplied at a reasonable sale price below 20 million KRW per 3.3㎡, drawing significant interest.
In fact, a price below 20 million KRW per 3.3㎡ is considered highly competitive by industry standards, given that the average sale price of complexes currently announced in Busan is around 22 million KRW per 3.3㎡, with major complexes reaching up to 30 million KRW per 3.3㎡.
A real estate official in Sasang-gu said, “If POSCO E&C’s The Sharp Riomont is launched at the announced price, it will be considered quite reasonable compared to the current upward trend in Busan’s sale prices. Additionally, the complex is highly regarded for its future value due to various surrounding developments, which is generating considerable interest and expectations.”
Indeed, The Sharp Riomont’s future value is expected to stand out even more due to various development benefits, enhancing its price competitiveness.
In particular, the complex is expected to benefit from various transportation developments. First, Eomgung Station on the ‘Sasang~Hadan Line,’ which will connect Busan Subway Line 2’s Sasang Station and Line 1’s Hadan Station vertically, is scheduled to open in 2026 about 370 meters (a 5-minute walk) away, providing a transit-oriented location. Additionally, the Seunghak Tunnel (planned), which will connect to downtown Busan, is being promoted, significantly improving accessibility to the city center.
Moreover, nearby developments include the ‘Western Busan Administrative Complex Town’ (scheduled for 2027), which will serve as Busan’s second government office, and plans to establish a dormitory-type middle school and an autonomous public high school to enhance educational conditions, which are expected to bring additional benefits.
Meanwhile, The Sharp Riomont will be a branded large-scale complex consisting of 11 buildings ranging from 3 basement floors to a maximum of 29 floors above ground, with a total of 1,305 households and exclusive areas ranging from 39 to 84㎡. It will be the first new apartment in Sasang-gu in four years and the first The Sharp apartment in the district. The general sale units will be 866 households with exclusive areas of 59, 72, and 84㎡.
The Sharp Riomont’s model house will be located in Dongdaesin-dong 1-ga, Seo-gu, Busan, and is scheduled to open in June.
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