Proven Location... Apartments Popular Near Government Offices

Apartments Near Administrative Town Concentrated with Public Institutions like City Hall and Courts, Offering High Living Convenience
High Demand for Residential Complexes Near Administrative Offices in Yeonje-gu, Busan; Seo-gu, Daejeon; and Jung-gu, Daegu in the First Half of the Year

It is common for areas densely populated with public institutions such as city halls, courts, and police agencies to have well-established infrastructure encompassing transportation, commerce, and culture. Consequently, locations with administrative offices naturally become central hubs within their regions.

For this reason, apartments near administrative institutions stand out in the housing market for their excellent location advantages, showing strong subscription competition rates as well as robust market prices. This is because residents can conveniently access various living infrastructures formed around these institutions, and the influx of public institution employees boosts housing demand.

In fact, regions hosting administrative institutions have shown higher apartment price growth rates compared to other areas.

Based on data from Real Estate 114, an analysis of apartment prices by district in metropolitan cities over five years?from June 2015 to June 2020 (6.22)?revealed that districts with city halls experienced significantly higher average apartment price increases.

First, Seo-gu in Daejeon, where Daejeon City Hall is located, saw a 44% increase over five years (from 9.5 million KRW to 12.67 million KRW per 3.3㎡), and Jung-gu in Daegu, home to Daegu City Hall, rose by 33% (from 9.5 million KRW to 12.67 million KRW per 3.3㎡). Both districts recorded the highest growth rates within their respective cities. During the same period, Nam-gu in Ulsan, where Ulsan City Hall is situated, also experienced a 5% increase (from 9.05 million KRW to 9.51 million KRW per 3.3㎡).

Similarly, Yeonje-gu in Busan, where Busan City Hall is located, saw a 27% rise (from 9.22 million KRW to 11.7 million KRW per 3.3㎡), which is 5 percentage points higher than the Busan city average of 22%. Seo-gu in Gwangju, home to Gwangju City Hall, experienced a 29% increase (from 6.38 million KRW to 8.23 million KRW per 3.3㎡), marking the second-highest growth rate in Gwangju.

New apartment complexes launched in areas with administrative institutions have also gained significant premiums.

For example, the ‘e-Pyeonhansesang Dunsan 1 Complex’ in Tanbang-dong, Seo-gu, Daejeon, where Daejeon City Hall is located, had a sale price of around 390 million KRW for an 84.87㎡ unit (floors 5?9) at the time of its launch in 2018. In January this year, the same-sized unit’s pre-sale rights traded for as much as 747.1 million KRW (6th floor), reflecting a premium of over 350 million KRW.

In November 2017, the ‘Yeonje Lotte Castle Gold Foret’ in Yeonsan-dong, Yeonje-gu, Busan, where Busan City Hall is located, saw its 84.98㎡ unit (7th floor) pre-sale rights traded for 527.5 million KRW in June, which is more than 110 million KRW above the original sale price of 416 million KRW.

The same trend applies to Nam-gu, Ulsan, where Ulsan City Hall is located. The ‘Ulsan Munsuro Doosan We’ve the Zenith’ in Sinjeong-dong, Nam-gu, supplied in March last year, had a sale price of about 498 million KRW for an 84.46㎡ unit (37th floor). Recently, units have been listed around 680 million KRW, reflecting a premium of approximately 200 million KRW.

New apartments located in administrative towns are highly popular, commanding premiums. A sales representative for Ray County in Yeonje-gu, Busan, said, “Infrastructure is well established around administrative institutions, enhancing residential convenience in nearby housing. Since living infrastructure is well developed, there is a strong perception that these areas are traditional regional centers in local cities, leading to high local preference and naturally higher apartment prices.”

Accordingly, attention is turning to apartments preparing for sale in administrative town areas in the second half of the year. In Yeonje-gu, Busan, where the legal complex and city hall are located, ‘Ray County’ is scheduled for sale in July. This redevelopment project is led by a consortium of Samsung C&T Corporation, Daelim Industrial, and HDC Hyundai Development Company, located at 802 Geoje 2-dong, Yeonje-gu, Busan. The complex will consist of 34 buildings ranging from three basement levels to 35 floors above ground, with units sized from 39 to 114㎡, totaling 4,470 households (including 230 rental units). Of these, 2,759 units will be sold to the general public. Nearby administrative institutions include Busan City Hall, Busan High Prosecutors’ Office, Busan District Court, and Busan Police Agency. The infrastructure is also well established, with Homeplus (Asiad branch), Busan Medical Center, CGV, Asiad Main Stadium, and Sajik Sports Complex located nearby. Additionally, the complex is adjacent to the Busan Subway Line 3’s Sports Complex Station, providing convenient transfers to Yeonsan Station (Lines 1 and 3) and Suyeong Station (Lines 2 and 3). Educational facilities such as Geoje Elementary, Changsin Elementary, Geoje Girls’ Middle School, and Geoseong Middle School are nearby, along with the Sajik-dong academy district, offering an excellent educational environment. Community facilities within the complex will include a swimming pool, fitness center, sauna, golf practice range, daycare center, study room, small library, and caf?.

Hoban Construction will launch ‘Hoban Summit Signature’ in Sucheong 2 District, Sucheong-dong, Dangjin-si, Chungcheongnam-do. The model home will open on July 3, and the complex will consist of 12 buildings ranging from two basement levels to a maximum of 29 floors, totaling 1,084 units, all sized at 84㎡. Public institutions such as Dangjin City Hall, Dangjin Education Support Office, Daejeon District Court Dangjin Registry Office, and Chungnam Dangjin Police Station are concentrated nearby. Shopping, cultural, and educational facilities such as Lotte Mart, Dangjin National Sports Center, Dangjin Arts Center, and Dangjin Central Library are close, with Dangjin Bus Terminal within 3 km. The complex is easily accessible to Dangjin city center, Cheonan, Asan, and Pyeongtaek via Dongbu-ro, Nambu-ro, National Road 32, and the West Coast Expressway.

In Jung-gu, Daegu, where Daegu City Hall is located, Daewoo Engineering & Construction and Hyundai Engineering & Construction plan to sell ‘Dalseong Prugio Hillstate’ in September. This redevelopment project is located at 12-11 Dalseong-dong, Jung-gu, Daegu. The complex will consist of 18 buildings ranging from two basement levels to 23 floors above ground, with units sized from 39 to 84㎡. Of the total 1,501 households, 1,011 will be sold to the general public. Administrative institutions such as Daegu City Hall, Daegu Jungbu Police Station, and Jung-gu Office are located nearby, along with well-established living infrastructure including Hyundai Department Store, Daegu Department Store, Kyungpook National University Hospital, and Keimyung University Dongsan Hospital.

In November, POSCO Engineering & Construction and Gyeryong Construction will sell ‘Yongmun The Sharp Re:shville (tentative name),’ a reconstruction project of Yongmun 1, 2, and 3 districts located at 225-9 Yongmun-dong, Seo-gu, Daejeon. The complex will consist of 23 buildings ranging from three basement levels to 33 floors above ground, with units sized from 48 to 99㎡, totaling 2,763 households. Of these, 1,900 units will be sold to the general public. Seo-gu, Daejeon, is densely populated with administrative institutions including Daejeon City Hall, Daejeon District Court, Government Complex Daejeon, Daejeon Police Agency, and Daejeon Metropolitan Office of Education. Additionally, the commercial district is well developed around the city hall.

※ Major apartment complexes located near metropolitan city administrative institutions

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