Regional apartment markets have endured a triple threat of high interest rates, economic slowdown, and unsold inventory. The growing preference for "one quality property" has also drained investment demand from provincial areas to Seoul, contributing to the prolonged slump. However, cautious signs of recovery are emerging in major metropolitan cities. After years of sharply declining new apartment supply, the rental market heated up first, and home prices are now gradually rising.
According to weekly apartment price data from the Korea Real Estate Board, regional apartment prices rose 0.03% in the second week of February, expanding the gain by 0.01 percentage points from the previous week. Regional apartment prices have risen for 15 consecutive weeks since the first week of November last year. The Korea Housing Institute's February Apartment Sales Outlook Index, based on surveys of housing developers, showed the non-capital region index jumped more than 30 points from 66.1 in December to 96.6. While severely unsold inventory has not significantly decreased, subscription competition rates are intensifying for new projects in preferred locations.
According to Real Estate R114, approximately 38,709 new apartment units will be offered for sale across the country excluding the capital region in the first half of this year. However, polarization is intensifying in regional real estate, with demand concentrated in large branded complexes with well-established infrastructure. This means careful evaluation of location and infrastructure plans is essential. As families gather during the Lunar New Year holiday, why not personally inspect promising developments in your home region?
In Busan, redevelopment and reconstruction projects with attractive amenities and school districts are drawing attention. "Geumjeongsan Haneulchae Lumiel," a high-rise complex of three buildings up to 48 stories, will begin sales in February in Jangjeon-dong, Geumjeong-gu. The development includes 669 apartments ranging from 59 to 128 square meters, 74 officetels, and commercial facilities, with 213 units available for public sale. The complex offers walking access to Oncheonjang Station on Busan Metro Line 1 and convenient living near the Oncheonjang commercial district. "e-Pyeonhansesang Centum High Venue," a reconstruction of Jaisong District 2 in Haeundae-gu, completed sales in January and is now in contract signing. The 924-unit apartment complex is located in the Centum City area near Shinsegae Department Store and Busan Cinema Center, with Bansan Elementary and Jaesong Middle schools adjacent for walking commutes.
In South Gyeongsang Province, "Changwon Xi The Sky" is scheduled for sale in March in Seongsan-gu, Changwon. The development comprises four buildings with 519 units of 84 and 106 square meters, rising up to 49 stories above five basement levels. Changwon's first sky lounge, "Club Cloud," will be located on the 49th floor, offering panoramic city views. "Hillstate Mulgeum Central," which drew attention as the first new project in Mulgeum New Town, Yangsan, in five years, completed sales in January and is signing contracts. The reconstruction project consists of four buildings up to 25 stories with 453 total units, of which 162 are available for public sale.
In the Chungcheong region, "Cheonan I'Park City Complexes 5 and 6" in Seongseong-dong, Cheonan, South Chungcheong Province, is attracting interest. The 1,948-unit development, scheduled for February sales, will be built near Seongseong Lake Park, expected to become Cheonan's emerging residential hub through large-scale urban development. Upon completion, the area is projected to form a premium residential zone of approximately 25,000 households. In March, "Harrington Place Oryong Station" will begin sales in Yongdu-dong, Jung-gu, Daejeon. The complex comprises five buildings up to 26 stories with 427 units, all 84 square meters. Its location near Oryong Station on Metro Line 1 offers excellent transportation access.
New February offerings in the Seoul metropolitan area also merit attention. "Ssangyong The Platinum Onsu Station," a redevelopment of Goean 3D District in Sosa-gu, Bucheon, will offer 230 units of 59 and 84 square meters from a total of 759 units. Located near Onsu Station, a transfer point for Metro Lines 1 and 7, the complex provides excellent access to Seoul. In Guri, a consortium of DL E&C, GS E&C, and SK Ecoplant plans to begin sales of "Guri Station Hinity River Park" in February through redevelopment of Sutaek District E. The large-scale development totals 3,022 units, with 1,530 units ranging from 29 to 110 square meters available for public sale. Its proximity to Guri Station offers excellent access to Jamsil.
Additional new supply is scheduled for February and March in Yeosu in South Jeolla Province, Gyeongsan in North Gyeongsang Province, and Daegu.