"New Apartments Under 600 Million Nowhere to Be Found"... 500 Million-Won 'Icheon Humanville Class One' Draws Genuine Buyers' Attention

In the greater Seoul metropolitan area, it has become virtually impossible to find new 84-square-meter apartments priced under 600 million won, as selling prices have surged due to persistently rising construction costs and the ongoing impact of a high exchange rate. As a result, the guidelines for homebuyers seeking to purchase their own homes are being entirely redefined.

According to real estate market analysis, the average selling price for new 84-square-meter apartments in key regions of Gyeonggi Province had already approached 700 million won as of last year. This upward normalization of prices has accelerated not only in areas adjacent to Seoul but also in outlying regions, with apartments priced under 600 million won rapidly disappearing from the market. Even in price-capped areas such as Seo-gu, Incheon, prices easily exceed 600 million won, while in core areas, apartment prices are frequently surpassing 1 billion won.

This increase in selling prices is not a temporary phenomenon but stems from a structural ‘cost pressure’. According to the Korea Institute of Civil Engineering and Building Technology, the construction cost index as of the end of last year had risen by more than 30% compared to five years ago. Furthermore, the high exchange rate, which remains above 1,400 won per US dollar, has become entrenched, eliminating downward pressure on prices for key materials such as rebar and ready-mix concrete. In effect, the increased costs of labor and materials are being entirely passed on to apartment prices.

With the era of 800 million won apartment prices in the metropolitan area now upon us, the scarcity value of developments priced around 600 million won is rising rapidly. As proof, The Sharp Geomdan Lake Park set its selling price for the 84-square-meter units at around 590 million to 650 million won, attracting significant attention. Amid a market where the same type of units in other developments are priced above 800 million won, this price competitiveness stood out, leading to success with 10,273 applications for 1,307 units (excluding special supply). New apartments in the 500–600 million won range in the metropolitan area have thus emerged as the most decisive indicator of price competitiveness for genuine homebuyers.

Real estate experts noted, “With the rise in cost factors such as labor and materials now being fully reflected in selling prices, new apartments priced at 500–600 million won in the Seoul metropolitan area have become rare assets. For actual homebuyers facing increasing financial burdens, it is better to secure units in developments with proven locational value and price competitiveness, rather than waiting indefinitely.”

Against this backdrop, the price competitiveness of ‘Icheon Humanville Class One’, which opened its model home in Icheon, Gyeonggi Province, on July 16, stands out even more. The selling price for 84-square-meter units is set between 520 million and 570 million won. Considering that new apartment prices in the metropolitan area are now well above 800 million won and even reaching the 1 billion won range, a selling price in the 500 million won range (akin to price-capped projects) is effectively seen as the ‘last chance’ for homebuyers.

The development not only features a reasonable selling price but also offers dramatic contract terms. With a 5% down payment (a flat 5 million won as the initial installment), it minimizes the burden of upfront funding. Furthermore, with expectations of work-proximity premium to the SK hynix Icheon campus and the semiconductor R&D complex to be developed in the future, as well as access to established educational and residential infrastructure in Galsan-dong, its growth potential is rated as ample.

Thanks to ongoing corporate investment and infrastructure development, living conditions in this area are rapidly improving. Consequently, new apartments in central areas featuring reasonable selling prices are expected to become not just a place to live, but attractive and safe assets.

An official from the sales team commented, “We have been receiving a flood of inquiries about ‘Icheon Humanville Class One’ thanks to its reasonable selling price (in the 500 million won range, similar to the price cap) and dramatic contract terms, even before sales officially began. Given the recent SK hynix dormitory vacancy issue, this development is the best solution for high-income employees urgently seeking safe and attractive housing, offering the rare triple advantage of price, product, and location.”

The application schedule begins with the special supply on Monday, July 27, followed by the first-priority applications on Tuesday, July 28, and the second-priority applications on Wednesday, July 29. Winners will be announced on Tuesday, August 4, and the official contract period will run from Tuesday, August 18, through Thursday, August 20, over a three-day period.

Meanwhile, the model home for ‘Icheon Humanville Class One’ is located in Anheung-dong, Icheon, Gyeonggi Province.

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