Despite Metropolitan Supply Measures, Murmurs... People Target This Large Complex Ready for Immediate Move-In

2.4 Supply measures are generating various analyses regarding their impact on the real estate market. In particular, attention is focused on the ripple effects on metropolitan cities this time. This is because the plan includes the supply of 193,000 households not only in the Seoul metropolitan area but also in the five major provincial metropolitan cities. This is the first time a supply plan targeting provincial metropolitan cities has been introduced.

However, the market's response is skeptical. Experts unanimously say, “The allocation volume for metropolitan cities has not even been announced, and even in the best case, it will take at least five years for actual sales to begin,” adding, “In the meantime, house prices are likely to continue rising, so aiming for large apartment complexes that are ready for immediate sale is a rational way to secure a home.”

◆ Cold market response and rising house prices

The specific supply plan for the five major metropolitan cities includes the largest portion of 56,000 households through new public housing sites. In addition, there are plans to supply 32,000 households through small-scale redevelopment projects, 22,000 households through redevelopment projects, and about 40,000 households through urban public housing complex projects.

The problem lies in residents' consent. A redevelopment project official in Ulsan said, “The government says it will exempt reconstruction charges, but if the condition is to transfer all project rights to public institutions, almost no union members will agree,” adding, “In the case of housing sites, if residents and businesses living there are asked to leave immediately, there will be strong opposition.”

In fact, an opinion appeared on an online community stating, “The measures for provincial metropolitan cities seem unrealistic, and it looks like metropolitan cities were forcibly included to increase the supply scale.”

Despite the supply measures for provincial metropolitan cities, house prices continue to rise. Even with the government announcing large-scale supply plans, the price increase trend has not been curbed. According to the Korea Real Estate Board, the sale prices in the five major provincial metropolitan cities in the first week of February rose by 0.31%, the same as the previous week.

◆ Ulsan leading price increases, surge in inquiries for soon-to-be-supplied areas

As the supply measures are expected to be a form of false hope, the answer is ultimately focused on ‘large apartment complexes ready for immediate sale.’ Especially in Ulsan, where house prices have recently surged among provincial metropolitan cities, complexes about to be supplied are emerging as ‘hot places.’

According to the Korea Real Estate Board, Ulsan recorded a 2.08% increase in January alone, the highest among all cities and provinces nationwide. The number of apartments to be occupied in Ulsan this year is 661 households, only about 20% of last year’s 3,196 households, suggesting that the price increase is likely to continue.

A representative complex in Ulsan with an imminent supply is ‘Ulsan New City Aileen’s Garden,’ supplied by IS Dongseo (IS Dongseo) in the Deokha District in March. It is a large complex with a total of 1,947 households, scheduled for sale in March. It consists only of small to medium-sized types preferred by actual buyers.

The Deokha District is a large-scale urban development project in the Ulsan Ulju-gun area. Unlike redevelopment or reconstruction, urban development has fewer variables that delay the project, making it a stable alternative for housing supply. Due to its large supply scale, some refer to urban development as a ‘mini new town.’ Since it is privately led, many creative ideas from developers are reflected, often making it a regional landmark after occupancy. All units are sold to the general public, allowing chances for royal units and floor wins.

Especially since Ulsan New City Aileen’s Garden approaches 2,000 households, if the population increases significantly after occupancy, additional infrastructure will be created, and the ‘virtuous cycle effect’ of attracting more people again will steadily improve residential conditions.

◆ Located in Nam-gu with concentrated infrastructure

It is also advantageous that it belongs to the Nam-gu living area, where major convenience facilities in Ulsan are concentrated. From Deokha District, it takes about 20 minutes by car to reach Samsan-dong and Daldong, Ulsan’s largest downtown areas, making it convenient to use large shopping malls such as Lotte Department Store (Ulsan branch), Hyundai Department Store (Ulsan branch), NewCore Outlet (Ulsan branch), as well as intercity and express bus terminals.

The pleasant residential environment also attracts attention. Cheongnyangcheon flows right in front of the complex, and along it, a waterfront park and walking trails are installed, allowing residents to enjoy walks and exercise. Cheongnyang Sports Complex is also nearby, making it a good leisure space. Landscaping within the apartment complex, suitable for its scale, is also planned.

Another feature is that Ulsan New City Aileen’s Garden is supplied in a non-regulated area. Therefore, it is relatively free from regulations on subscription, loans, and taxes. If the subscription savings account has been held for more than six months, not only the head of the household but also household members are given first priority qualification. In addition, loans of up to 70% of the house price are possible, and even multi-homeowners can obtain loans when purchasing a house.

Meanwhile, IS Dongseo, which is responsible for implementation and construction, has been recognized for the value of its premium brand apartments by successfully supplying more than 6,200 households only in Ulsan, including Namoe-dong Aileen’s Garden, Ujeong Innovation City phases 1, 2, and 3, Dream in City phases 1 and 2, Jungsan Maegok District, and Munsu Road Grand Park Aileen’s Garden.

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