- Ulsan Sees Rebound in Consumer Sentiment and Housing Transactions
New Supply Projects Draw Attention Amid Market Recovery
- 'Hanwha Forena Ulsan Mugeo' to Be Supplied in Mugeo-dong
Area Benefits from Transportation and Development Boosts
As the long-stagnant real estate market in regional areas has recently begun to recover, particularly in major metropolitan cities, Ulsan is emerging as a promising region. According to industry analysts, both investors and end-users are closely monitoring the timing for purchases in response to this trend.
According to the Korea Research Institute for Human Settlements, Ulsan's Housing Market Consumer Sentiment Index stood at 118.8 at the end of June, continuing a six-month upward trend since recording 107.4 in January. This figure is the highest among the five major metropolitan cities, surpassing Busan (106.1), Daegu (102.4), and Daejeon (103.2).
A Housing Market Consumer Sentiment Index above 100 indicates that more respondents expect price increases and transaction growth compared to the previous month. As the Ulsan real estate market enters a recovery phase, transaction volumes are rising and consumer sentiment is rebounding rapidly.
According to data from the Korea Real Estate Board released on August 10, the number of housing transactions in Ulsan during the first half of this year reached 9,421 units, a 22.7% increase (1,741 units) compared to the same period last year (7,680 units).
Looking at first-half figures, Ulsan's housing transaction volume peaked at 11,492 units in 2020, then declined to 10,744 units in 2021, 7,310 units in 2022, and 6,511 units in 2023. Last year, the figure rebounded slightly to 7,680 units, and this year, transaction volume has grown significantly amid expectations for market recovery.
In particular, Ulsan's Nam-gu district has seen heightened expectations for regional value, driven by the final approval of a metropolitan railway, the development of large-scale residential towns, and other major positive factors. As a result, both end-users and investors are focusing their attention on new housing supply scheduled for the second half of the year in the area.
Among these, the 'Hanwha Forena Ulsan Mugeo' project, to be supplied by Hanwha Construction in the Mugeo-dong area of Nam-gu, Ulsan this August, is attracting the most attention. The complex will consist of eight buildings ranging from three basement levels to 25 above-ground floors, offering a total of 816 units with exclusive areas from 84 to 166 square meters. It is primarily composed of the highly sought-after 84-square-meter units. Move-in is scheduled for the second half of 2028.
The complex will provide ample parking, with 1.6 spaces per unit, offering a higher level of parking convenience compared to recently supplied complexes. Additionally, it will feature Nam-gu's first 25th-floor sky lounge, and the approximately 3,300-square-meter community facilities will include a guesthouse, laundry cafe, and various other amenities. Every unit will also have its own storage space, enhancing space utilization.
This project is significant as it is the first 'Forena' brand complex in Ulsan and is being developed on the site of the former Hanwha Chemical company housing, which was a symbol of high-end residential areas in Nam-gu. Large-scale development projects such as the Mugeo Samho District (planned) and the Mugeo Okdong District (in progress) are also scheduled nearby, positioning the complex as a future landmark at the heart of a mini-new-town-scale residential area.
A sales representative explained, "Recently, the Ulsan real estate market has been recovering rapidly due to a combination of regulatory measures in the Seoul metropolitan area, expectations of interest rate cuts, and positive development news. As a result, competition among buyers seeking to secure new projects with prime locations and outstanding features in the region is becoming increasingly intense."
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