Sale Prices Surge Relentlessly...
Private Apartment Prices in Non-Metropolitan Areas Surpass 20 Million Won for the First Time This Year
Construction Cost Index Rises for Five Consecutive Years...
Standard Construction Costs Also Maintain Upward Trend
The sale prices of newly built apartments continue to soar. Analysts attribute the growing pressure to raise prices to the steady increase in construction material costs and construction expenses over the past few years. As the upward trend in sale prices accelerates nationwide, the surge is particularly pronounced in non-metropolitan areas, where, for the first time this year, the sale price of private apartments has surpassed 20 million won per 3.3 square meters. This has drawn significant attention from buyers to newly built apartments currently on the market.
According to data from Real Estate R114, the average sale price per 3.3 square meters for private apartments nationwide this year was 21.31 million won, up about 3% from last year’s 20.69 million won. The increase is especially notable in regions outside the Seoul metropolitan area. In these regions, the average sale price per 3.3 square meters for private apartments reached 20.24 million won this year, marking an 11.45% increase from last year’s 18.16 million won and surpassing the 20 million won mark for the first time.
The primary reason cited for this rise in sale prices is the increase in construction costs. According to the Korea Institute of Civil Engineering and Building Technology’s “Construction Cost Index Trends for October 2025,” the construction cost index for October this year stood at 131.74, up 1.11% from the same month last year. The construction cost index for the same month was 116.79 in 2021, 125.6 in 2022, 129.13 in 2023, and 130.29 in 2024, showing a steady upward trend over the past five years.
The standard construction cost, which affects the sale price ceiling, has also continued to rise. As of September this year, the standard construction cost announced by the Ministry of Land, Infrastructure and Transport was about 7.174 million won per 3.3 square meters, up approximately 14.18% compared to the same month three years ago. After surpassing the 7 million won mark per 3.3 square meters for the first time in March this year, it was raised again, and this upward trend in construction costs is expected to continue for some time.
This increase in the standard construction cost is considered to have a significant impact on the sale prices of general apartments. Since the standard construction cost is one of the components that determine the sale price ceiling for homes subject to the price cap system, and serves as an important benchmark for sale price calculation, it is highly likely that even apartments not subject to the price cap system will take the increased standard construction cost into account when setting sale prices.
An industry insider stated, "In addition to rising construction costs, the supply shortage of newly built apartments is becoming a reality, which will further drive up the sale prices of new apartments in the future." He added, "As concerns grow over the combination of supply shortages and soaring sale prices, previously sold apartments with fixed prices are being revisited by buyers."
Amidst these trends, a newly built branded apartment with a reasonable sale price and excellent contract terms is currently being offered in Chungcheongnam-do, attracting significant interest from buyers.
Doosan Engineering & Construction is launching "Doosan We've the Zenith Cheongju Central Park" in the Sinbong-dong area of Heungdeok-gu, Cheongju, Chungcheongbuk-do. From Saturday, December 13, contracts for some remaining units will be available on a first-come, first-served basis, with buyers able to select both building and unit. The complex consists of 18 buildings, ranging from two basement levels to a maximum of 31 floors above ground, with a total of 1,618 units sized between 59 and 114 square meters of exclusive area.
For first-come, first-served contracts, there are no restrictions based on age, place of residence, or home ownership status, allowing both heads of households and household members to purchase units. Notably, a subscription savings account is not required, making this an attractive opportunity for young buyers such as single-person households and newlyweds who may be at a disadvantage in the points-based system. Since buyers can choose their preferred building and unit without a lottery, satisfaction among buyers is high.
The complex is being offered at a reasonable sale price. The average price for an 84-square-meter unit is in the mid-460 million won range, which is more than 50 million won lower than the 513 million won transaction price for a unit of the same size at "Cheongju SK VIEW Xi" in September this year. In addition, the complex features Doosan Engineering & Construction’s high-end brand "Doosan We've the Zenith," offering differentiated product quality and strong future value.
The complex boasts excellent product features. Primarily, the buildings are oriented to the south for optimal sunlight, and all units are designed in a plate layout to maximize ventilation. Most units feature the highly preferred 4-bay plate layout. Ample storage spaces such as pantries, dressing rooms, and utility rooms further enhance practicality and convenience.
A variety of community facilities will also be provided. Sports facilities for residents’ health, including a fitness center, golf practice range, and GX room, as well as relaxation spaces like a caf? lounge, a small library and study rooms for children, and a care center, are planned for the complex.
The future value is also high. The adjacent Bongmyeong-dong area (site of the Cheongju Agricultural and Marine Products Wholesale Market) has been designated as an urban regeneration innovation district, which is expected to benefit the complex. According to the Ministry of Land, Infrastructure and Transport, the Bongmyeong-dong area of Heungdeok-gu, Cheongju, will be transformed into a complex development hub integrating regional industry, culture, residential, and commercial functions. The area will feature a women’s integrated community center, a complex cultural library, smart offices, and a range of infrastructure including workspaces, residential facilities, living SOC, and commercial spaces.
Additionally, the complex offers a contract system requiring only a 5% down payment, with the first installment fixed at 10 million won. As a result, buyers can proceed with the purchase without any additional costs beyond the down payment until move-in, significantly reducing the initial financial burden.
Meanwhile, the model home for Doosan We've the Zenith Cheongju Central Park is located in the Songjeol-dong area of Heungdeok-gu, Cheongju, Chungcheongbuk-do.
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