Apartment Prices in Busan Suyeong-gu Rise 36% Per 3.3㎡ in One Year... Ranked 1st Among 6 Major Metropolitan Cities

[Asia Economy Reporter Donghyun Choi] The average apartment sale price per 3.3㎡ in Suyeong-gu, Busan, has recorded the highest increase rate among the autonomous districts of the six major metropolitan cities over the past year.

On the 2nd, according to a review of housing price trends by KB Real Estate Live On conducted by real estate information company Economy Man Lab, the average apartment sale price per 3.3㎡ in Suyeong-gu, Busan, was about 15.514 million KRW last August, but it surged 36.13% to 21.118 million KRW last month.

This increase is largely attributed to the lifting of the regulated area designation and the impact of reconstruction. In November last year, the government lifted the regulated area status for Suyeong-gu, Haeundae-gu, and Dongnae-gu in Busan, which significantly increased apartment purchases by residents from other regions, and the acceleration of reconstruction projects caused prices to soar.

According to the Korea Real Estate Agency’s transaction volume by buyer residence, from January to July this year, the number of apartment purchase transactions by residents outside the jurisdictional city or province in Suyeong-gu, Busan, reached 399 cases, marking the highest volume for the January to July period ever recorded.

This trend was also reflected in actual transaction prices. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, the ‘Samik Beach’ apartment with a 131㎡ exclusive area located in Namcheon-dong, Suyeong-gu, Busan, was sold for 810 million KRW (12th floor) in August last year, but on the 1st of last month, the same apartment was traded for 1.73 billion KRW (9th floor), rising 920 million KRW over one year, recording a 113.6% increase.

Among the top 10 districts with the highest apartment price increase rates in the six major metropolitan cities, five are in Daejeon. The average apartment sale price per 3.3㎡ in Jung-gu, Daejeon, was 8.667 million KRW last August but rose 29.80% to 11.249 million KRW this August. During the same period, Seo-gu in Daejeon increased from 9.829 million KRW to 12.669 million KRW, Yuseong-gu from 11.507 million KRW to 14.719 million KRW, and Dong-gu from 7.826 million KRW to 9.345 million KRW.

Meanwhile, the apartment sale transaction volume in the six major metropolitan cities recorded an all-time high. From January to July this year, the apartment sale transaction volume in the six major metropolitan cities was 157,852 cases, the highest volume ever recorded since the Korea Real Estate Agency began related statistics in 2006 (January to July basis).

Oh Daeyeol, head of the research team at Economy Man Lab, said, “The sharp rise in apartment prices in Suyeong-gu, Busan, is largely due to the lifting of the regulated area designation,” adding, “Since the lifting of the regulated area designation, liquidity in the market has concentrated in Suyeong-gu, Busan, where regulations are relatively relaxed, causing apartment prices to start soaring.”

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