Non-Regulated Special Benefits Enjoyed by Gangwon-do New Sale Complex ‘Gangneung Yeongjin Coaru Hootis D.Ocean’ Begin Official Contracts

- High Premiums in Non-Regulated Areas, Growing Interest in Gangwon-do Real Estate Market
- Korea Land Trust, 'Gangneung Yeongjin Coaru Hootis Diocean' Near Yeongjin Beach, Official Contracts Open from Today to the 28th (Wed)

Amid nationwide declines in apartment transactions due to real estate regulations, the real estate market in Gangwon Province, a non-regulated area, is booming. According to the Ministry of Land, Infrastructure and Transport's apartment sales transaction status, the total number of apartment sales transactions nationwide from January to May this year was 315,153, down about 9.9% compared to the same period last year (349,641 transactions). In contrast, during the same period, Gangwon Province saw an increase of about 34.3%, rising from 9,300 transactions last year to 12,487 this year.

This high interest in Gangwon real estate is also evident in the subscription market. From January to May this year, the number of applicants for general supply subscriptions for new apartments in Gangwon more than doubled compared to the same period last year (6,638 applicants), reaching over 10,000 for the first time in two years since the Pyeongchang Olympics boom. Notably, the subscription competition rate for ‘Gangneung Xi Fine Venue’ in Naegok-dong, Gangneung, which was offered in January, averaged 13.15 to 1, marking the first time since 2000 that a double-digit subscription competition rate was recorded in Gangneung.

Along with being a non-regulated area, the high premiums attached suggest that the heat in Gangwon's real estate market is expected to continue for the time being. In fact, the sale price of a 131㎡ unit at ‘Sokcho The Ocean Xi’ in Dongmyeong-dong, Sokcho (scheduled for occupancy in August 2023), was initially set in the high 1.1 billion KRW range, but in May this year, a 131㎡A type was sold for 1.69008 billion KRW, forming a premium of about 500 million KRW.

The popularity of the Gangwon region can also be confirmed by the apartment sales price index. According to data from the Korea Real Estate Board, apartment prices in Gangwon have shown a continuous upward trend since May 2020. Among them, Gangneung City has attracted the most attention, recording the highest index (102.2 as of the 4th week of June) among the seven cities in the province since February.

In this situation, Korea Land Trust is starting official contracts today for ‘Gangneung Yeongjin Coaru Hootis The Ocean,’ supplied in the Gangneung area of Gangwon Province.

Since the complex is located in Gangneung, a non-regulated area with excellent living conditions, it has attracted attention not only from local end-users but also from second-home buyers and investors.

The complex is within a 10-minute drive to Jumunjin Market, Jumunjin Intercity Bus Terminal, Hanaro Mart, and Jumunjin Port, which has a dining district, and it is also accessible to downtown Gangneung within about 10 minutes by car, offering excellent residential convenience.

Yeongok Elementary School and Jumunjin Middle and High Schools are all nearby, providing an excellent educational environment for children. Additionally, the Gangwon Provincial Office of Education operates the Gangwon Edu Bus (school bus), allowing students to board right in front of the complex and reach Yeongok Elementary in 2 minutes and Jumunjin Middle and High Schools in 3 minutes.

Moreover, using National Route 7 and the coastal road, it is convenient to travel to nearby areas such as Gangneung and Sokcho. Accessibility to the Donghae Expressway and Seoul-Yangyang Expressway is good, ensuring excellent regional mobility. The Jumunjin Intercity Bus Terminal, KTX Gangneung Station, and Gangneung Express Bus Terminal, which serve numerous routes nationwide, are also available.

The complex boasts excellent views. To the east lies Yeongjin Beach, and to the west, Odaesan Mountain. Some units offer panoramic views, and even the lower floors overlook the planned Yeongjin Park, allowing almost all units to enjoy a view premium. Additionally, Yeongjin Beach is just an 8-minute walk away, making it perfect for consumers seeking a true ocean life.

Various community facilities for residents will also be provided. A fitness center and GX room to promote health, a senior center, arcade, kids caf?, and office spaces will create a pleasant living environment. Ample parking space of 1.4 cars per household is secured, enabling convenient and smooth parking.

Meanwhile, Gangneung Yeongjin Coaru Hootis The Ocean will conduct official contracts at the model house from today until Wednesday, the 28th.

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