Gyeyang-gu with Over 80% Aging Rate, New Apartment 'Doosan We've the Zenith Central Gyeyang' in Spotlight

- Over 81% of Apartments in Gyeyang-gu, Incheon Are Over 20 Years Old
- Nearby New Apartments Sold with Premiums Exceeding 100 Million KRW

The aging of apartments in the Seoul metropolitan area is accelerating. As more than half of the apartments recently completed have surpassed 20 years since construction, there is active movement among buyers looking to switch to newly built complexes.

According to data from Real Estate R114 as of December 26 last year, apartments over 20 years old (excluding rental units) in the Seoul metropolitan area (Seoul, Gyeonggi, Incheon) totaled 2,732,509 units, accounting for about 51.28% of the total supply of 5,328,208 units. This figure has more than doubled compared to the aging rate of 24.69% ten years ago (2013), indicating that one out of every two apartments is over 20 years old and aging.

Industry experts analyze that the aging has progressed rapidly due to the scarcity of supply in the metropolitan area for some time and sluggish redevelopment and reconstruction projects. Additionally, concerns are growing that apartments over 30 years old, especially in the first-generation new towns, will surge starting this year.

As a result, resale rights for new apartments in areas with a high aging rate in the metropolitan area are being traded with significant premiums. For example, Gyeyang-gu in Incheon, where the proportion of apartments over 20 years old is 81.07%, is one of the representative aging housing clusters in Incheon. According to the Ministry of Land, Infrastructure and Transport’s actual transaction data, the resale right for an 84㎡ unit in the ‘Hillstate Xi Gyeyang’ complex, scheduled for occupancy in March next year, was traded for 685.17 million KRW in November this year, which is about 130 million KRW more than the original sale price of 552 million KRW.

The decrease in apartment occupancy volume next year is also cited as a factor increasing the popularity of new apartments. According to Real Estate R114 data, the number of apartments scheduled for occupancy in the metropolitan area in 2024 is 133,870 units, about 10.83% less than the average occupancy volume of 150,131 units over the past five years (2019?2023).

Amid this situation, the supply of new apartments in Gyeyang-gu, Incheon, where the aging rate is high, is attracting attention. On January 5 (Friday), a consortium of Doosan Construction and Ssangyong Construction will begin special supply subscription applications for ‘Doosan We’ve The Zenith Central Gyeyang,’ located in Jakjeon-dong, Gyeyang-gu, Incheon. Gyeyang-gu, where the complex is located, has the highest proportion of apartments over 20 years old in Incheon, far exceeding the overall aging rate of 47.45% in Incheon.

Given these circumstances, redevelopment, reconstruction, and urban development projects are actively underway. Once redevelopment projects such as ‘Gyeyang 1 District Redevelopment (2,371 units)’ and the Hyoseong District urban development project (3,988 units) are completed, a large-scale emerging residential town with about 12,000 units will be established in the Gyeyang-gu area.

Doosan We’ve The Zenith Central Gyeyang also boasts an excellent location. It is a super-station complex within walking distance of Jakjeon Station on Incheon Subway Line 1. Through this line, it takes only two stops to Bupyeong-gu Office Station, a transfer station to Seoul Subway Line 7, and four stops to Bupyeong Station, a transfer station to Seoul Subway Line 1, allowing convenient access not only to Incheon but also throughout Seoul. Additionally, the Cheongna?Gangseo BRT (Bus Rapid Transit) stop is located right in front of the complex, making commuting to Seoul convenient.

Furthermore, the complex includes a daycare center, and Seongji Elementary School is located within 150 meters, allowing for walking commutes. Nearby are clustered elementary, middle, and high schools such as Myeonghyeon Middle School, Hyoseong High School, Annam High School, Jakjeon Girls’ High School, and Jakjeon High School. The area near Gyeyang-gu Office has convenient access to academies, and excellent educational environments such as Hyoseong Library and Gyeyang Library are available.

In addition, the complex has a building coverage ratio of less than 15%, maximizing the distance between buildings, and significantly expanding walking paths, play areas, and rest spaces in the ground area to create a pleasant living environment while minimizing privacy intrusion. The complex layout is mainly south-facing for all units, ensuring excellent natural lighting and sunlight rights. Also, the 49㎡ units include a master bedroom dressing room, providing ample storage space rarely seen nearby. Community facilities within the complex will include an indoor golf practice range, fitness center, children’s playground, small library, and book caf?.

The subscription schedule for Doosan We’ve The Zenith Central Gyeyang starts with special supply on January 5, 2024 (Friday), followed by first priority on January 8 (Monday), and second priority on January 9 (Tuesday). The announcement of winners will be on January 15 (Monday), and the official contract period will be from January 29 (Monday) to January 31 (Wednesday) for three days. The model house is located near the site in Jakjeon-dong, Gyeyang-gu, Incheon.

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