- Okdong and Sinjeong, once the core residential zones of Nam-gu, Ulsan, now see their living area expanding to include Mugeo-dong
- The 'Mookoksin' residential belt is taking shape... Large-scale mini new town development plans in Mugeo-dong are now underway
The Ulsan real estate market has recently regained momentum. As record-high apartment prices continue to be reported, particularly in the Daegongwon area of Nam-gu, Ulsan, there is also a clear increase in housing transactions driven by genuine demand, coinciding with a rise in jeonse (long-term lease) prices. In this environment, attention is growing toward sites slated for new supply, and large-scale new developments planned for the Mugeo-dong area are emerging as a new focal point in the Ulsan real estate market.
Mugeo-dong is set to see the creation of large-scale complexes on the scale of a mini new town, including the already-completed Munsu Vista Dongwon (Samho Reconstruction), the planned development of the Hanwha Housing Site, the upcoming Mugeo Samho District, and the ongoing Mugeo Okdong District project. Industry experts predict that this will signal a major transformation of the residential landscape in Nam-gu, Ulsan, going beyond the simple addition of new apartments.
Of particular note is the expansion of the so-called 'Oksinjeong' residential zone?which traditionally enjoyed high popularity due to Okdong and Sinjeong?into Mugeo-dong. The local real estate market is actively reorganizing itself around what is now being called the 'Mookoksin' residential zone.
In reality, Okdong and Sinjeong have long been favored due to their school districts, lifestyle infrastructure, and concentration of brand-name apartments. However, recently, a lack of redevelopment potential and aging infrastructure have led to growing fatigue among actual residents and buyers. As a result, the inflow of new demand has slowed and the area's popularity is declining. In contrast, Mugeo-dong is emerging as a new residential zone with robust new supply and well-established transportation and educational infrastructure, making it an attractive destination for genuine homebuyers.
A local real estate industry representative stated, "While the Oksinjeong residential zone remains highly popular, actual homebuyers are now considering Mugeo-dong as an alternative residential area, taking into account the aging infrastructure and supply limitations." The representative added, "In particular, the recent surge of new apartment launches in the Mugeo-dong area, in connection with the existing Oksinjeong zone, is drawing attention to the 'Mookoksin' residential belt as a new hotspot."
With major brand-name apartments such as Hanwha Forena Ulsan Mugeo, which is scheduled to be supplied within the Hanwha Housing Site following Munsu Vista Dongwon, the expectation is growing that the Mugeo-dong area will become the center of the Mookoksin residential zone.
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