Ulsan, Gwangju and South Jeolla Home Prices Rebound on Tailwinds from Advanced Industries and Jobs

[Financial News] Apartment prices in regional hub cities, where new industrial bases and job creation are converging, are showing a clear rebound.
According to RealToday, a real estate research firm, the nationwide apartment sales price index stood at 100.83 as of August 6, up 3.41 points, or 3.50%, from 97.42 a year earlier. While the capital region led the increase, Ulsan Metropolitan City posted the highest growth rate among the five major regional metropolitan cities, driven by its concentration of manufacturing and AI innovation infrastructure.
Ulsan Metropolitan City's sales price index jumped 5.00 points from 95.62 in August last year to 100.62 this August, representing a 5.23% increase over the year. The influx of future-vehicle jobs, including the construction of the Manufacturing AI Innovation Center centered around Ulsan-Mipo National Industrial Complex and Onsan National Industrial Complex and the establishment of Hyundai Motor’s dedicated EV plant in Ulsan Metropolitan City, is believed to have boosted home-buying sentiment.
Major areas in the Honam region, which had experienced a prolonged decline, also succeeded in rebounding under the influence of large-scale national projects. Gwangju underwent an adjustment to 100.00 in May, turned upward to 100.07 in July and accelerated its rise to 100.30 in August. South Jeolla Province also hit a low of 99.06 in October last year before steadily trending upward, reaching 100.34 in August and rising 0.97% over the year. Underlying demand was firmly supported by the National AI Data Center, which began operating in Advanced 3 District, and efforts to establish a mobility-parts cluster.
A RealToday official said, "Rather than the local housing market returning to a broad-based recovery, warmth is spreading mainly in select hub areas where investment in advanced industries and an influx of quality jobs are expected." The official added, "Whether industrial infrastructure is expanded appears to be a key factor determining housing-buying sentiment and the direction of home prices across regions."
Amid this trend, new housing complexes with future growth potential are also coming to market one after another. IPARK Hyundai Development Company plans to launch sales this month for IPARK Mudeungsan Sky Fore in and around Hak-dong, Dong-gu, Jeonnam-Gwangju Integrated Special City. The complex will comprise 19 buildings ranging from three basement levels to a maximum of 29 stories above ground, with 2,299 households in total, including 1,387 for general sale. It is located in the station area of Namgwangju Station on Gwangju Urban Railway Line 1 and is also expected to benefit from a transfer station when Line 2 opens.
Dongwon Development is currently selling Munsuro Vista The Park in Block 11 of the Mugeo-Samho District in Nam-gu, Ulsan Metropolitan City. The complex consists of 10 buildings ranging from three basement levels to 18 stories above ground, with 700 households and exclusive unit sizes of 68 to 84 square meters. It offers a pleasant residential environment, with a hiking trail on Samho Mountain and Taehwagang National Garden nearby. IS Dongseo is also supplying Grang Lac Aileen’s Garden in Yang-eum-dong, Nam-gu, Ulsan Metropolitan City. The large complex will comprise 13 buildings ranging from two basement levels to 30 stories above ground, with 1,521 households and exclusive unit sizes of 39 to 102 square meters. Residents will have convenient access to Sunam Lake Park and Ulsan Grand Park.

[email protected] Jeon Min-kyung Reporter