This Year, 8,200 Households to Be Offered in Yeongjong, Songdo, and Cheongna

[Asia Economy Reporter Lee Chun-hee] This year, it has been surveyed that 8,192 households will be put up for sale in the Incheon Free Economic Zone (IFEZ).

In the Incheon Free Economic Zone, 9,631 households were supplied in 2016, 8,206 households in 2017, but only 420 households in 2018. Since last year, as the market situation improved, the supply increased again to 5,148 households last year and 8,192 households this year.

The Incheon Free Economic Zone is being developed by Incheon City as an economic hub city and a center for specialized service industries, divided into three districts: Songdo, Yeongjong, and Cheongna. Songdo International City is being developed as a global hub for advanced knowledge service industries, Yeongjong International City as a logistics and tourism leisure complex city with world-class airport facilities, and Cheongna International City as a business town where international finance and distribution coexist with residential areas.

A real estate industry expert analyzed, "As Incheon City has been spared from the government's successive regulations, demand is concentrating on the Incheon real estate market," adding, "Since the Incheon Free Economic Zone is a non-regulated area in the metropolitan area, there are fewer restrictions on loans and resale, and various transportation and development benefits are planned like in land development districts, attracting not only actual users but also investors."

In fact, on the 24th, the first-priority subscription for 'Hillstate Songdo The Sky' in Yeonsu-gu attracted 58,021 applicants for 804 households, recording an average competition rate of 72.2 to 1. This renewed the record for the highest number of first-priority applicants in Incheon, previously set by 'Songdo The Sharp Central Park Phase 3' (53,181 applicants) in September last year.

House prices are also on the rise. According to KB Kookmin Bank, the average sale price per square meter in Yeonsu-gu, which includes Songdo International City, rose from 3.41 million KRW in February last year to 3.57 million KRW in February this year, an increase of 160,000 KRW (4.7%). Seo-gu, which includes Cheongna International City, and Jung-gu, which includes Yeongjong International City, also rose by 7.0% and 4.7%, respectively, during the same period.

▲ Aerial view of 'Hoban Summit Sky Central' in Yeongjong International City, Jung-gu, Incheon (Provided by Hoban Construction)

In Songdo International City, following Hillstate Songdo The Sky, 'Hillstate Lake Songdo Phase 3' will be supplied next month. It is a complex of 1,110 households with exclusive areas ranging from 84 to 132㎡. An elementary, middle, and high school are planned to be established across the street, and it is considered a 'waterfront' complex located close to both a lake and the sea.

In Yeongjong International City, Hoban Construction will launch the sale of 'Hoban Summit Sky Central' in block A47 next month. It consists of 6 buildings, 74 to 84㎡ in size, with a total of 534 households, ranging from basement level 1 to 25 floors above ground. Once the third Yeonryuk Bridge, which is planned to connect to the Gyeongin Expressway, opens, commuting to the metropolitan area is expected to become convenient. Nearby are Incheon Jungsan Elementary and Middle Schools, and parks such as Bakseok Park are also established in the vicinity.

This content was produced with the assistance of AI translation services.