Incheon Shows Population Growth for 3 Consecutive Years... 'Prugio Starcella49' Attracts Attention

- Seo-gu, Incheon, Population Increasing and Regional Active Population Ranks 2nd Nationwide
- Growing Interest in Future-Value Complexes like 'Prugio Starcella49'

Incheon Seo-gu is showing an exceptional population growth trend, raising expectations for an increase in real estate market value. According to the '2023 Population and Housing Census Results' announced by Statistics Korea in July, Incheon's population reached 3,026,000 last year, marking a 1.2% increase from 2,989,000 the previous year. This is the highest growth rate among the 17 metropolitan cities and provinces nationwide.

In particular, Seo-gu, which includes new housing developments such as Cheongna and Geomdan and is rich in various development prospects, is at the center of Incheon's population growth. Seo-gu's population increased by 43,000 compared to the previous year, ranking second nationwide among 129 cities, counties, and districts, following Hwaseong City in Gyeonggi Province.

Moreover, Incheon Seo-gu also has a significant active population. According to the regional employment indicators for cities, counties, and districts from the first half of 2024 (Statistics Korea), Seo-gu's active population was 475,000, second only to Gangnam-gu in Seoul (1,089,000). This indicator measures the population actually active in the area, including employed persons aged 15 and over who have income-generating work producing goods or services in the area, as well as unemployed and economically inactive residents living in the area.

This implies that Seo-gu in Incheon has a large population both living and economically active. In light of this, the real estate industry forecasts a bright outlook for Incheon's real estate market. With increasing internal demand and a population engaged in economic activities, if quality housing and residential environments are provided, there is potential for continuous inflow of latent demand. The growth potential is considerable, matching the steadily increasing population.

In fact, record-high transactions have been occurring recently in Seo-gu. A 109㎡ unit in Geomdan New City 2nd Dietre The Hill in Wondang-dong, Seo-gu, was traded for 990 million KRW in August, setting a new record. The same type's jeonse (long-term deposit lease) price also reached 500 million KRW in September, marking a new high. Additionally, a 117㎡ unit in Dongyang Enpart 4 Complex in Cheongna-dong, Seo-gu, broke its record with a price of 770 million KRW in September.

Accordingly, interest in new supply complexes is increasing. Especially within Seo-gu, supply is notable in areas advantageous for attracting demand due to their central location amid various development prospects. The spotlight is on ‘Prugio Starcella 49,’ built by Daewoo E&C in Cheongna International City C18BL, Seo-gu, Incheon.

‘Prugio Starcella 49’ consists of two buildings, ranging from five basement floors to 49 above-ground floors, with a total of 522 units sized between 114 and 119㎡. The units are divided as follows: △114㎡ 174 units △118㎡ 174 units △119㎡ 174 units.

Right in front of the complex is Starfield Cheongna, a mixed-use distribution facility with a dome stadium, scheduled for completion in 2027, and the Asia's largest Costco Cheongna, which opened in August, providing convenient living. Additionally, ‘Hana Financial Town’ completed its first phase integrated data center in 2017, opened the second phase Hana Global Campus in 2019, and is currently constructing the third phase headquarters. The ‘Cheongna Medical Complex Town,’ under construction with a target completion in 2029, is also nearby, expected to attract related demand.

Transportation conditions are favorable. Through the Airport Railroad Cheongna International City Station, the Metropolitan Area 2nd Ring Expressway, and Incheon International Airport Expressway, travel is convenient not only within Incheon but also to Seoul and other metropolitan areas. Construction is underway for the extension of Subway Line 7 to Cheongna International City Station (planned), and plans to directly connect the Airport Railroad and Seoul Subway Line 9 will improve access to Yeouido and Gangnam. The third connecting bridge linking Cheongna International City and Yeongjong International City is scheduled to open in 2025.

In February, the Ministry of Land, Infrastructure and Transport approved a change to the urban railway basic plan to add an additional station (005-1, scheduled for 2029) near Starfield Cheongna on the Line 7 extension, tentatively named Dome Stadium Station, further enhancing subway accessibility.

Additionally, nearby parks and sports facilities such as Bears Best Cheongna GC, Gongchon Retention Basin Sports Facilities, Arabit Island, Jeongseojin Square, and Cheongna Beach Park provide a pleasant infrastructure environment. Dalton Foreign School and integrated elementary and middle schools planned within the medical complex town also contribute to excellent educational conditions.

Meanwhile, ‘Prugio Starcella 49’ offers a low initial financial burden with a 5% down payment, a fixed first installment, and interest-free intermediate payments. The sales office (officetel showroom) is located in Cheongna-dong, Seo-gu, Incheon, with the expected move-in date set for December 2027.