[Practical Finance] Sejong-si Overheated by 'Cheondoron', 5,300 Households Moving In This Second Half

95% of This Year's Housing Supply
Including Three Large Complexes with Over 1,000 Households

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] In Sejong City, where the 'Cheondoron' theory has ignited interest, 5,300 households will move in during the second half of the year. This accounts for 95% of the total housing supply in Sejong City this year. With three large complexes of over 1,000 households each moving in, there are expectations that the overheated apartment sales and rental markets in Sejong City will somewhat cool down.

According to Real Estate 114 on the 26th, the total number of apartment move-ins in Sejong City from September to November over three months is 5,310 households. A significant portion of this year's total supply of 5,600 households in Sejong City will be released during this period.

In particular, the move-in volume in September reaches 3,100 households. According to Zigbang, the nationwide apartment move-in volume in September is 27,025 households, which is a decrease of more than 10% compared to the previous month, but the local move-in volume increased by 75% to 19,839 households. Among these, Sejong accounts for the largest share.

The September move-in complexes are Master Hills in Haemil Village 1 and 2 in the 6-4 Living Zone. The first complex, with 1,990 households, was constructed by Taeyoung Construction and Hanlim Construction, and the second complex, with 1,110 households, was built by Hyundai Construction. Elementary, middle, and high schools are scheduled to open in September between the two complexes. Multipurpose facilities such as playgrounds that can be used jointly by students and residents are being developed. There are convenient transportation options with buses running to KTX Osong Station and the Government Complex in front of the complexes.

In October, Hills State Sejong River Park (H4) in Sodam-dong will begin move-ins. Although the complex consists of 342 households and is not large in scale, it has attracted attention as the tallest apartment complex (up to 48 floors) in the new town of Sejong. It is adjacent to the Geum River and Goehwasan Mountain, providing some households with views of the river and mountains. The proximity to public institutions is also an advantage. Opposite the complex, a courthouse and prosecutor's office are planned to be established.

In November, Gaon Village 7 in Dajeong-dong, Sejong City, will also have move-ins. It consists of 1,538 households. There is a Bus Rapid Transit (BRT) station within an 8-minute walk. The educational environment is well-equipped, with Saeum Elementary, Dajeong Middle, and Dajeong High Schools all within a 10-minute walking distance. There is a neighborhood park nearby, and Sejong Lake Park is also adjacent.

Since the end of last year, housing prices in Sejong City, which had been rising in tandem with Daejeon, have surged recently due to the administrative capital relocation theory. According to the apartment price trend announced by the Korea Real Estate Agency in the third week of August, housing prices in Sejong City rose by 1.59% compared to the previous week. The cumulative increase this year has reached 33.7%, ranking first nationwide. Rental prices have also risen accordingly, increasing by 23.47% this year. An industry insider said, "The supply in the second half of the year is expected to temporarily ease the urgent situation in the Sejong real estate market," but added, "Since a decrease in supply is expected in the future and discussions on the administrative capital relocation are spreading, housing prices in Sejong are likely to surge again."

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