Namyangju Facing Supply Shortage, Opportunity to Secure 'Harrington Place Dasan Park'

- Supply Shortage in Dasan New Town... 'Danbi' Sale to Relieve Drought
- 'Herrington Place Dasan Park' Arrives in April to Enjoy Dasan New Town

The housing market is facing an emergency due to increased construction costs such as labor and raw material prices. Housing permit approvals have hit their lowest point in nine years, and the supply volume this year has significantly decreased compared to last year, leading to forecasts of intensified supply shortages in the future.

According to Real Estate R114, the nationwide apartment supply volume this year is 233,912 units, a sharp 40% drop from last year. Moreover, with many projects indefinitely postponed, it is uncertain whether all these units will be supplied within this year.

The rise in construction costs is also a problem. According to data from the Korea Institute of Civil Engineering and Building Technology, using the 2015 construction cost index as 100, it jumped to the high 130s by December 2021 and exceeded 140 in early last year. In January this year, the construction cost index reached 150.9, surpassing the 150 mark. This sharp increase in costs is causing more construction companies to avoid undertaking projects.

More serious than the decrease in supply volume is the significant drop in housing permits and groundbreaking volumes. According to housing statistics released by the Ministry of Land, Infrastructure and Transport, nationwide housing permits in February were 54,375 units, down 22.5% from 70,128 units in the same period last year. This is the lowest level in nine years since 2014. Housing groundbreaking volume also decreased by 28% to 31,955 units compared to the same period last year.

Industry experts predict that supply shortages will worsen 2 to 4 years after the completion of currently ongoing construction projects.

In some regions, housing supply is already failing to meet appropriate demand. According to real estate information company Asil, the quarterly supply volume in Seoul for the first quarter of this year was 9,648 units, falling short of the appropriate supply volume of 11,783 units. Busan also recorded 3,291 units, below the appropriate supply volume of 4,141 units.

In particular, Namyangju in Gyeonggi Province is experiencing severe supply shortages. As a self-sufficient city with large urban areas such as Dasan New Town, Namyangju is well-equipped with commercial, business, industrial, and administrative facilities, resulting in high housing demand but relatively insufficient supply.

A real estate expert said, “In areas with insufficient supply, interest in new housing sales is naturally high. With interest rates expected to peak and then decline, now is considered the right time to purchase a home. Especially in the metropolitan area, where transaction volumes are increasing and a favorable trend is emerging, buyers are rushing to secure units in complexes that offer the benefits of a large city.”

Amid this situation, the sale of the private apartment complex 'Harrington Place Dasan Park,' enjoying the benefits of Dasan New Town, is approaching. Constructed by Hyosung Heavy Industries, the apartment consists of 3 buildings ranging from 4 basement floors to 30 above-ground floors, with a total of 350 units of 84㎡ exclusive area.

Transportation is convenient. The Gyeongui-Jungang Line Donong Station is nearby, and the extension of Line 8 to Dasan Station is scheduled to open in June 2024, which is expected to allow direct access to Jamsil within 30 minutes without transfers. As it is developed under the Donong Neighborhood Park private park special project, it offers a pleasant residential environment.

Kindergartens, elementary, middle, and high schools are within walking distance, and commuting to the large-scale academy district formed within Dasan New Town is convenient, providing an excellent study atmosphere. Notably, Harrington Place Dasan Park is a post-sale apartment with move-in scheduled for February 2024, ensuring no delays in occupancy and the advantage of moving in before the new school year starts.

Additionally, right in front of the apartment are Hyundai Premium Outlet and Hyundai Premier Campus Mall, accessible on foot, with shopping facilities such as Lotte Mart and Lotte Department Store nearby. Living infrastructure including Dasan Administrative Welfare Center, Dasan Art Hall, and Jeong Yak-yong Library is also well established.

The housing exhibition center for Harrington Place Dasan Park is scheduled to open in April.

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