House Prices Rise Over 90 Million Won Even Outside Seoul... 'This Neighborhood' Shows Upward Trend Amid Real Estate Slump

Jeonju Housing Prices Rise 0.46% This Year Amid Limited Supply
Local Demand Supports Upward Trend in Apartment Market

While local real estate is experiencing a downturn, housing prices in Jeonju, Jeollabuk-do are showing an upward trend.

Apartment. The photo is not directly related to the content of the article. Photo by Yonhap News.

According to the Korea Real Estate Board on the 16th, apartment sale prices in the Jeonju area have risen by 0.46% from the beginning of this year to the 10th of this month. This is a completely different atmosphere compared to major cities in Jeollabuk-do such as ▲Gunsan (-0.28%), ▲Iksan (-1.14%), ▲Jeongeup (0.24%), and ▲Namwon (-0.25%). It contrasts with the downward trend seen in the metropolitan areas ▲Gyeonggi (-0.29%) and ▲Incheon (-0.52%), and is not lagging behind ▲Seoul (0.56%) either.

Last year, Jeonju apartment prices also rose by 3.06%. Real Estate R114 reported that the average sale price per household for Jeonju apartments with exclusive areas between 60 and 85㎡ increased by more than 90 million KRW, from 212.23 million KRW in January 2020 to 307.05 million KRW last month.

Record-high prices have also been recorded. An 84㎡ unit in Foretna Jeonju Eco City, Songcheon-dong 2-ga, Deokjin-gu, was traded for 690 million KRW on the 1st of this month, and a 74㎡ unit on the 19th floor of Taepyeong I-Park in Wansan-gu was traded for 490 million KRW on the 21st of last month. This is 16 million KRW higher than the previous transaction. It is close to the previous high point recorded in 2021 (502.44 million KRW). Additionally, a unit in Eco City Decian 5 Block, Songcheon-dong 2-ga, Jin-gu, was traded for 407 million KRW on the 28th of last month, which is 21 million KRW higher than the previous transaction on December 3rd last year (396 million KRW).

Real Estate R114 also reported that the number of new housing units supplied, which was 6,746 in 2020, decreased to 993 units last year. Furthermore, the average number of units supplied annually from 2020 to 2025 is only 1,383 units. The limited supply is presumed to be driving the strong housing prices. Therefore, there are almost no unsold units. As of the end of January, Jeollabuk-do announced that there were only 116 unsold units in Jeonju. Moreover, the apartment complex 'The Sharp Ravionde' supplied by POSCO E&C through the redevelopment of Gijachon in Jungnosong-dong, Jeonju, Jeollabuk-do, showed good results by completing 100% contracts despite controversy over high prices.

Experts emphasized that Jeonju’s supply is aligned with local demand. They say that steady demand supports the prices.