Ulsan apartment bid rate 'highest' in 30 months... Interest is also on 'New On City'

The winning rate for apartments at the Ulsan Auction Market reached a 30-month high and began to recover. Expectations for the local real estate market as a whole are spreading as the competition rate for sales near the development project site is high. According to the “October 2025 Auction Trend Report” published by Jiji Auction, a company specializing in auction and auction data, a total of 74 apartments sold at the Ulsan Residential Facility Auction Market in October recorded an average bid rate of 91.1%. This is an increase of 5% p from the previous month, the highest in 30 months since June 2022 (93.3%). This year, the winning rate for apartments in Ulsan remained at 80% after reaching 84.0% in January, but it is recovering in October as both the winning rate and the number of cases completed increased. It is analyzed that the main reason for this recovery is that expectations for development projects being promoted mainly in Nam-gu and Ulju-gun are also reflected in the auction market. As an example, the exclusive area of 84 square meters of “Byeoksan Riverside Town (moved in November '98)” in Samsan-dong, which is located near the target site of the 'Nam-gu B-01 District Housing Redevelopment Project', attracted 27 bidders for one sale and recorded a winning bid rate of 94.2%. Ulju-gun, which is promoting the 'Ulsan KTX Station Complex Specialized Complex Development Project', won the bid at a level of 100.7% of the appraiser with 39 bidders for the 52 square meter dedicated area of 'Lucky Namchang ('Moved in December 91) 'in Onyang-eup. It seems that competition is more intense in regions where development projects are concentrated, leading to market recovery. The real estate industry anticipates that this boom in the auction market will be a signal for the recovery of the local real estate market. In fact, according to real estate R114 data, the average competition rate for the number 1 apartment subscription by region this year was Ulsan 4.4 to 1, the highest among the six metropolitan cities. A real estate expert said, “As large-scale development projects are underway in Ulsan, confidence in future value is growing,” and “the boom in the auction market is an indicator reflecting the expectations of active consumers.” He then explained, “In regions with good development, the auction market tends to move ahead of the general trading market,” and “in particular, there is plenty of room for further growth in the future around the station development area, including New On City.” As a result of this situation, Ulsan KTX Station Tax Complex 'New On City', which is being built around KTX Ulsan Station, is attracting attention. The New On City development project is a large-scale project to develop a site of 1532,460 square meters in Shinhwa-ri, Samnam-eup, Ulju-gun, Ulsan Metropolitan City, and will include a large-scale residential complex that can accommodate approximately 11,000 households when development is completed in the future. The area around Ulju-gun, where New On City is located, is crowded with apartments that are over 10 years old. According to real estate R114 data, the proportion of apartments completed over 10 years in Ulju-gun is 74.55%, and it seems that the supply of residential complexes in Newon City can quench the thirst for new complexes and act as a 'vanguard' leading the rise in the Ulsan real estate market. Ulsan Complex Urban Development Co., Ltd., the concessionaire of the project, has gained high trust in carrying out the project with strengths in transparency and fairness because public companies such as Ulju-gun (16%) and Ulsan City Corporation (39%) hold 50% or more of the shares. Recently, real estate project financing (PF) loans were implemented to promote the project, securing a total of 550 billion won in funding and financial stability. Detailed implementation plans, such as sales schedules, will be promoted sequentially with the goal of starting construction at the end of the year. An official from Ulsan Complex City Development said, “New On City is a large-scale development project that will provide residential facilities for 11,000 households in Ulsan,” and “it is expected that the future value of New On City will increase as there is a great thirst for new apartments in Ulsan.”