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Apartment prices in Busan increase for 19 consecutive weeks … Cumulative growth rate reached 2.51%
Reconstruction in Suyeong-gu, new apartment in Haeundae, etc.
“Isn’t it redesignated as a regulated area?”
A view of the apartment complex in Suyeong-gu, Busan. / Getty Image Bank
In some areas of Busan, complexes that cost hundreds of millions of dollars over several months are springing up one after another. In November last year, when the “regulation target area” was published, demand increased significantly. Some have even discussed the need to redesign regulated areas. The government said it was monitoring the trend in house prices in the Busan area.
Haeundae’s apartment goes up about 400 million won a month
According to the Korea Appraisal Board on the 28th, last week (as of the 19th) apartment prices in Suyeong-gu, Busan, increased by 0.66% compared to the previous week, the highest in the world. country. Haeundae-gu (0.52%), Yeonje-gu (0.48%) and Dongnae-gu (0.34%) also rose a lot, reaching the top 10 in the rate of increase in house prices nationwide. .
Apartment prices in Busan are on the rise for 19 consecutive weeks from the third week of June (starting on the 15th) to the third week of October, just before Real Estate Measures 6-17 were implemented. The accumulated rate of increase reaches 2.51%. The cumulative increase rates of weekly apartment prices in Haeundae-gu, Suyeong-gu and Dongnae-gu, Busan, which led the increase during this period, recorded 7.36%, 6.60% and 4.07%, respectively. This contrasts with the increase domestically of 2.11% and Seoul of 0.62% during the same period.
It’s an atmosphere that even outsiders are adding to the investment in remodeling and rebuilding in Busan. The 148㎡ dedicated to ‘Samik Beach’ (3,060 households) in Namcheon-dong, Suyeong-gu changed hands for 2.22 billion won on the 9th of this month to update the reported price. This type of home traded for an average of 1.22 billion won in September last year, but a new million won went up a year. The 125th dedicated to ‘Ooyoung Hyundai’ (1,180 households) in Suyeong-dong, Suyeong-gu, which sold for 610 million won in September last year, found a new owner for 1.2 billion won last month.
The representative of Y’s brokerage office in Suyeong-gu said: “The transaction is active mainly with investors. According to the Korea Appraisal Board, the sales volume of apartments in Suyeong-gu registered 2905 cases as of September this year. It was the largest since 2006, when related statistics began to be compiled.
A view of the apartments in Haeundae Marine City, Busan. / Getty Image Bank
Prices for popular apartments in Haeundae are also rising. The exclusive 157-square-meter area for ‘Doosan We the Zenith’ located in U-dong, Haeundae-gu, was sold for 1.85 billion won on the 21st. Earlier last month, the same area was traded at 1.48 1 billion won, but the new 370 million won increased in one month. A 139㎡ dedicated to the nearby ‘Haeundae I-Park’ is also trading at 1.55 billion won this month, beating the previously reported price (1.38 trillion won) in a month.
When Busan pulled out of the target area in November last year, the frozen market was launched. Unlike Seoul, where the rise in commercial prices has slowed due to tighter regulations on loan terms and relocation obligations, it has bypassed various regulations. The investment tax is spreading to complexes planned for reconstruction and new complexes.
An official at a brokerage in Busan said: “It seems that it is easier to buy and sell a house because it is more advantageous in terms of credit regulations than the metropolitan area.” The price is unlikely to drop. “
Are you back to regulation?
As the situation is like that, some are also discussing the redesignation of regulated areas. An article calling for stabilization of housing prices in Busan even appeared on the notice board of the Cheong Wa Dae national petition. Cheong Won-in, who said he was the boss of the 40 who lived in Busan, said: “In Busan, in less than a year with the elimination of the adjustment area around November 2019, the house price in the Haeundae area has increased by more than 30-50%. He said: “If you talk about the stories you hear on the streets of Busan, the ruling party and the Ministry of Lands, Infrastructure and Transport have raised the price of the house so much that they are letting go of their hands in case a bomb explodes if the price of the house is fixed “.
In this article, comprehensive comments such as ‘Please stabilize the house price’ and ‘Please ask for a realistic policy, not a real estate policy that only increases tax revenue’ are running.
In fact, some areas of Busan are known to have met the quantitative requirements to be designated as areas subject to adjustment. It is reported that the Ministry of Lands, Infrastructure and Transportation has not yet considered the designation of additional regulated areas for Busan, but there is a perspective on the site that “if this situation continues, the government will also issue a regulated area redesignation card. “.
However, it is not easy to disagree, saying that if applied to a regulated area, it could face the same market slowdown as last year. In particular, Busan has been filling 20,000 homes each year since 2018. Next year, it will decline slightly to 15,000 homes, but it is expected to register more than 20,000 homes the following year.
A real estate industry official said: “Pusan has been under pressure for a while before leaving the adjustment area and then back up.” “After Gwangju and Daegu, even when the price of the mid-zone exceeds 1 billion won in Ulsan, Busan is still undervalued. market”.
Ahn Hye-won, Hankyung.com Reporter [email protected]
