- Decreased Supply of Large Apartments Makes Them Rare and Valuable Assets in Downtown Busan... Influx of High-Income End-Users Expected
- From Residential Use to Investment... Large Unit Types Become Premium Choices
Amid growing expectations for rising housing prices following the inauguration of the new government, large apartments with an exclusive area of over 85 square meters are attracting attention as the so-called "smart single home" option.
In the past, large apartments with an exclusive area of over 85 square meters were widely regarded as luxury residences for high-income individuals, making them known as "wealthy apartments" within their neighborhoods. Over time, as the number of households with one to three members increased and overall household size decreased, the supply of such large units also declined. However, the preference for spacious homes remains strong, and these apartments are still highly valued for both residential use and investment potential.
In reality, the supply of large apartments is severely lacking. According to Real Estate R114, of all general apartment sales nationwide last year, only 16.26% (26,088 units) were large apartments with an exclusive area of over 85 square meters.
As a result, even within the same high-end complexes, larger units often see a greater increase in value. For example, in Trimaje, located in Seongsu-dong, Seongdong-gu, Seoul, the premium (additional price) for the 84 square meter unit rose by about 45% (from 270 million won to 390 million won) over the past five years, while the larger 149 square meter unit saw an increase of about 62% (from 310 million won to 500 million won). Similarly, in Raemian One Bailey in Banpo-dong, Seocho-gu, the premium for the 84 square meter unit increased by 45% (from 390 million won to 570 million won), while the 133 square meter unit surged by 88% (from 470 million won to 890 million won).
A real estate expert commented, "Large apartments are living proof of the saying 'the bigger, the better,' as the premium increases are substantial. During periods of rising home prices, these units appreciate more, and even during downturns, they tend to hold their value better. For this reason, affluent buyers rate them highly not only for residential purposes but also for their investment value."
Against this backdrop, "Seomyeon Summit The New," a high-end residential complex scheduled to be supplied in the heart of downtown Busan, is drawing attention for its focus on large unit types. The development will consist of four buildings, ranging from eight basement floors to 47 above-ground floors, offering 919 apartment units in 13 different types with exclusive areas from 84 to 147 square meters.
In particular, Busanjin-gu, where the complex will be located, stands out for its scarcity of large apartments, with just 11.63% of all apartments (including existing and soon-to-be-completed units) exceeding 85 square meters in exclusive area. This is significantly lower compared to Haeundae-gu (23.99%), Suyeong-gu (22.26%), and Nam-gu (20.22%), all of which exceed 20%, as well as the overall Busan average of about 15%.
A representative from real estate agency A in Busanjin-gu stated, "Because large apartments are rare in the heart of Busan, there is a clear demand base, and most of these buyers are high-income individuals," expressing high expectations for "Seomyeon Summit The New."
Meanwhile, "Seomyeon Summit The New" will be built on the site of the former NC Department Store Seomyeon branch, located at 668-1 Jeonpo-dong, Busanjin-gu, Busan. As a high-end mixed-use complex, it will feature 919 apartment units along with a large-scale commercial facility.
The complex will showcase the superior quality expected of Daewoo E&C’s high-end residential brand "Summit." It will feature specialized designs for openness and sunlight, high-end branded kitchen furniture, imported finishing materials, and luxury community facilities such as a sky lounge on the top (47th) floor, guest house, private golf, swimming pool, sauna, and a variety of residential services that are now considered essential in high-end housing products.
Additionally, the complex will include a large-scale retail facility of approximately 29,767 square meters spanning from the first basement to the third above-ground floor, offering residents a one-stop lifestyle with access to residential, shopping, cultural, and leisure amenities all within the development.
The model home for "Seomyeon Summit The New" will be set up at the "Summit Gallery Seomyeon" near Haeundae Station.
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