- Aging Apartments Increase in Busan, Preference for New Apartments Soars
- 'Centum Park SK View' Special Supply Starts on 21st (Mon), First Priority Subscription on 22nd (Tue)
Recently in Busan, the proportion of aging apartments has been rapidly increasing, leading to a growing preference for new apartments.
According to Real Estate R114, as of August this year, the total number of apartments in Busan reached 902,369 units, of which 466,831 units are apartments over 20 years old, accounting for 55.1% of the total. This means that one out of every two apartments is over 20 years old.
With the rise of these aging apartments, younger generations are focusing their attention on new apartments featuring the latest designs and various community facilities.
In fact, apartments in Busan that have been occupied for less than five years are showing an upward trend in sale prices, indicating increasing demand for new housing.
According to the Ministry of Land, Infrastructure and Transport’s Real Transaction Price Disclosure System, the ‘Dongnae Raemian I-Park’ in Dongnae-gu, Busan, which was occupied in 2021, recorded an actual transaction price of 810 million KRW for an 84㎡ unit in August last year. However, in August this year, the same size unit in the apartment was contracted at 870 million KRW, marking a 60 million KRW (7.4%) increase compared to the previous year.
Industry experts explain, “Recently, among younger generations, a new term ‘Eoljuksin’ (meaning ‘new apartments no matter how cold it is’) has emerged, reflecting a clear preference for new apartments,” adding, “The competitiveness of new apartments in Busan is expected to increase further.”
Amid growing interest in new apartments, ‘Centum Park SK View,’ developed by Woori Asset Trust and constructed by SK Ecoplant, will begin special supply applications on the 21st (Monday), followed by first-priority applications on the 22nd (Tuesday) and second-priority applications on the 23rd (Wednesday). The announcement of successful applicants will be on October 30th (Wednesday), and the official contract period will be held over three days from November 11th (Monday) to 13th (Wednesday).
Located in Yeonsan-dong, Yeonje-gu, Busan, the apartment complex consists of three buildings ranging from two basement floors to a maximum of 29 floors above ground, with 309 units of 74㎡ and 84㎡ A and B type apartments, as well as neighborhood living facilities. The breakdown by exclusive area is ▲74㎡ with 114 units ▲84㎡ A type with 110 units ▲84㎡ B type with 85 units.
The apartment boasts excellent transportation accessibility. Nearby are Jwasuyeong-ro, Beonyeong-ro, Suyeong Riverside Road, and Wondong IC, making travel to major areas of Busan convenient, with great access to Centum City and Haeundae as well.
The living infrastructure is also outstanding. Right in front of the complex is E-Mart Traders, and within a 2 km radius are Costco, Homeplus, Mangmi Central Market, and Oncheoncheon Cafe Street. Additionally, BEXCO, Shinsegae Centum City, Lotte Department Store, Gwangandaegyo Bridge, Busan Yeonje Police Station, Military Manpower Administration, Busan Metropolitan Office of Education Training Institute, courts, prosecutors’ office, Dongnae District Office, and Busan Metropolitan City Hall are all nearby.
As a ‘Chopuma’ (elementary school within walking distance) apartment, the educational environment for children is excellent. Right next to the complex is Gajeong Elementary School, and within 1 km are Tohyeon Middle School, Anrak Middle School, Yeoncheon Middle School, and Busan Foreign Language High School. Busan Gyeongsang National University, Busan Metropolitan Yeonsan Library, and the Centum City academy district are also close by.
The apartment also offers premium views of the Suyeong River. Located right in front of the Suyeong River, residents can enjoy unobstructed views, and with Suyeong Environment Park, Suyeong River, and Suyeong Riverside Walkway nearby, a pleasant living environment is ensured.
A sales representative stated, “In Busan, where many apartments are aging, Centum Park SK View, which offers excellent living infrastructure, educational environment, and transportation, is attracting significant interest,” adding, “With the base interest rate also lowered, demand for new apartments is gradually increasing.”
Meanwhile, the model house for ‘Centum Park SK View’ is located near Costco in Mangmi-dong, Suyeong-gu, and the complex is scheduled for occupancy in the first half of 2028.
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