"Closer to Work, More Reasonable Home Prices"—People in Their 20s and 30s Seek Value

[Financial News] Apartments offering convenient commutes to major business districts and reasonable housing costs are drawing attention. As a culture that values work-life balance spreads, particularly among younger people, more buyers are turning to nearby areas that offer easy access to major business districts while having relatively lower home prices, allowing them to avoid the burden of high housing costs.
According to data released by the Korea Real Estate Board (KREB) on the 18th, apartment sales involving people in their 20s or younger and those in their 30s totaled 71,120 transactions in the capital region from January through July this year. They accounted for approximately 38.58% of all transactions, a significant increase from the same period last year. A real estate trend survey conducted by a professional organization also found that the share of respondents who considered proximity to their workplaces when choosing a home was particularly high among people in their 20s and 30s, at 58% and 47%, respectively.
However, major business districts such as Pangyo Techno Valley and Songdo International City offer excellent proximity between homes and workplaces, but they also come with high housing costs. As a result, prospective homeowners are broadening their search to nearby areas that provide convenient commutes while offering relatively reasonable home prices. In fact, an 84-square-meter unit at Pangyo Punggyeongchae Urbanity Complex 5 in Daejang-dong, Seongnam, near Pangyo, recently sold for 1.6 billion won, setting a record high. The Sharp Arte in Michuhol District, Incheon, an area near Songdo, has also continued to set record highs, demonstrating its value as a reasonably priced alternative residential area.
As nearby areas that combine price competitiveness with future growth potential continue to gain popularity, buyers are also turning their attention to major new apartment complexes scheduled for sale this year. In Incheon's Yonghyeon-Hagik Block 1, a consortium of IPARK HYUNDAI DEVELOPMENT COMPANY, Hyundai Engineering and Construction, and POSCO E&C is offering the 1,949-unit City O Ciel Complex 9 Ocean Park View, which is about a 20-minute drive from Songdo International City. In Jinju, South Gyeongsang Province, a consortium of Hanwha Corporation E&C Division and Hyundai Engineering and Construction is supplying the 1,032-unit Forena Hillstate Jinju near the Jinju Sangpyeong General Industrial Complex. In Budae-dong, Cheonan, South Chungcheong Province, IPARK HYUNDAI DEVELOPMENT COMPANY is selling the 1,714-unit Cheonan IPARK City Complexes 3 and 4, which offer convenient commutes to the Cheonan General Industrial Complex.

[email protected] Jeon Min-kyung Reporter