Home prices rise, unsold inventory falls... Optimism grows over development tailwinds in 'Seoulsan'

[Financial News] Ulsan's housing market is showing a clear recovery, with prices rising and unsold inventory being absorbed. Large-scale industrial investment and development projects, particularly in Seoulsan, in the city's western region, are picking up pace and injecting vitality into the market.
According to data from the Korea Real Estate Board, as of last September, Ulsan apartment sale prices had risen 4.2% from the end of the previous year, the highest increase among the nation's five major metropolitan cities. Unsold housing inventory also plunged: based on Ministry of Land, Infrastructure and Transport statistics, the number of unsold homes fell 56.1%, from 3,943 in January 2025 to 1,728 in September this year, and was also down 19.7% from the same month a year earlier. The recovery is seen as underpinned by the region's solid industrial competitiveness, including plans for an AI data center at the Mipo National Industrial Complex and the launch of Hyundai Motor Company's dedicated EV plant in Ulsan.
Development potential in Seoulsan, Ulsan's western region, is drawing particular attention. Under its 2035 Urban Master Plan, Ulsan City designated the Eonyang, Samnam and Sangbuk areas as a second urban center, while transport network expansion and industrial complex development have moved into full swing. The Busan–Yangsan–Ulsan Metropolitan Railway passed its preliminary feasibility study in July last year, followed in December of the same year by a groundbreaking ceremony for New On City, a mixed-use specialized development complex near Ulsan Station. The first phase of industrial land at New On City sold out in May this year, and in July Samsung SDI announced plans to invest about 16 trillion won at its Ulsan site by 2040, raising expectations to a peak.
Amid this development boom, move-in supply totaled just 532 apartment units in Ulsan in the first half of this year, a 53.6% drop from the same period last year, highlighting the scarcity of new apartments. Prices are clearly rising not only in the city center but also in Seoulsan: an 84-square-meter unit at Munsu-ro Artis in Sinjeong-dong, Nam-gu, sold for 1.415 billion won, setting a new record. An 84-square-meter unit at Ulsan Down 2 District Woomi Lynn The Signature in Beomseo-eup, Ulju County, also set a record, selling for 530.87 million won, about 91 million won above its presale price. Meanwhile, e-Pyeonhansesang Ulsan Station Urban Square, near Ulsan Station, has recovered to around 97% of its previous peak.
Against this backdrop, actual homebuyers are focusing on newly launched apartment complexes expected to benefit directly from the development projects.
Hyundai Engineering Co., Ltd. will introduce Hillstate Ulsan Station River Fore in November at Block M5 of the mixed-use specialized development complex near Ulsan Station. The residential complex will comprise five buildings, rising from three basement levels to a maximum of 40 floors above ground, with 436 apartment units measuring 84 square meters and 298 officetel units measuring 110 to 119 square meters. It boasts strong future value thanks to its prime location at the heart of Seoulsan developments, including New On City.
Dongmun Construction plans to supply Dongmun The East, a complex with a total of 1,320 units, in Block A3 of New On City. DW Dongwon Development also plans to launch sales of Taehwa River Vista Dongwon (Phases 1–3), a 1,506-unit complex in the Ujeong-dong area of Jung-gu, before the end of the year, and is expected to help sustain momentum in Ulsan's apartment presale market.

[email protected] Jeon Min-kyung Reporter