Education-specialized Complexes Popular for Reducing Private Education Costs in the Housing Market

[Asia Economy Reporter Donghyun Choi] In the new year housing market, apartment complexes offering their own educational content are attracting attention. As interest in private education continues to grow, the popularity of apartments that can solve both home ownership and children's education simultaneously is expected to increase further.

According to Statistics Korea on the 2nd, total private education expenses in 2018 amounted to 19.4852 trillion KRW, showing an increasing trend for four consecutive years since 2015. In particular, the average monthly private education expense per child during the same period was 291,000 KRW, which has been rising continuously for the past six years. The total private education expenses for 2019 are scheduled to be announced in March, and the average monthly private education expense per child is expected to exceed 300,000 KRW.

As private education expenses increase every year, recently construction companies are strengthening the competitiveness of apartments not only by location-based educational conditions but also through various educational products. A representative example is the establishment of educational centers or famous academies within community facilities in the complexes to assist children's education. As parents' passion for education continues, the influence of education-specialized apartments on the housing market is also expanding.

According to KB Real Estate data, as of January this year, the average sale price of an 84㎡ unit in 'Cheonan City Xi (moved in October 2018)' located in Seongseong-dong, Cheonan-si, Chungnam, was 410 million KRW. This is about a 25% increase compared to the same period last year. This apartment is characterized by the presence of SDA Samyook Language Institute within the complex and the operation of English daycare centers in childcare facilities. It is analyzed that the educational system, which is hard to find in provincial areas, has attracted the interest of parent homebuyers, leading to price increases.

A similar trend was observed in the metropolitan area. 'Cheongna Central Aileen's Garden (moved in October 2018)' located in Cheongna-dong, Seo-gu, Incheon, saw its housing prices rise by about 100 million KRW over the past year. As of January this year, the average sale price for an 84㎡ unit was 590 million KRW, up 97.5 million KRW compared to the same month last year. The complex has a learning center where residents can take English and Chinese programs taught by instructors affiliated with YBM.

Many education-specialized complexes are currently being sold or are about to be sold this year as well. In Wonju, Gangwon Province, 'Wonju Dangu Naeanae County Edu Park,' developed by Korea Asset Trust and jointly constructed by Ace Construction and Yangwoo General Construction, is currently on sale. This apartment plans to include the specialized entrance exam academy 'Jongno M School' as an education-specialized facility within the complex. Notably, residents' children will receive tuition support for three years. In the first year, 100% support is provided for two children, and in the second and third years, 50% support is given regardless of the number of children.

In Yeongcheon, Gyeongbuk, 'e-Pyeonhansesang Yeongcheon' is on sale. It plans to establish an English village in cooperation with YBM, allowing residents to use English education programs free of charge for two years. Additionally, two school shuttle buses will be provided to ensure safe commuting conditions. 'e-Pyeonhansesang Yeongcheon' is located in blocks B-1 and B-2 of the Wansan District urban development area in Yeongcheon, Gyeongbuk, and consists of a total of 1,210 households with units ranging from 74 to 184㎡.

Hanla is selling 'Dangjin Sucheong Hanla Vivaldi Campus.' This apartment includes the YBMECC Language Institute, offering tuition discounts to residents. It also enhances educational differentiation through the Hello Lounge, equipped with study rooms and free reading rooms. Located in block 1 of the Sucheong District in Dangjin-si, Chungnam, 'Dangjin Sucheong Hanla Vivaldi Campus' consists of a total of 839 households with units ranging from 59 to 110㎡.

Bando Construction plans to sell 'Seongsan Bando Ubora Ivy Park' in Changwon, Gyeongnam, in March. The complex will include a separate learning center as an education-specialized facility. The separate learning center plans to operate various learning programs in cooperation with specialized educational institutions. It will be built in block Gong 1 of the Sapa District in Changwon, Gyeongnam, and consist of a total of 1,045 households with units ranging from 59 to 85㎡.

This content was produced with the assistance of AI translation services.