Chungcheong Region Housing Market Hits Record-Breaking 'Bull Run'... Will the Year-End Momentum Continue?

This Year, Chungcheong Region's Average Competition Rate Increased from Last Year's 15.56:1 to 23.73:1
Expectations for Year-End New Sales in Chungcheong Region by Hanwha Construction, Kolon Global, and Others

The real estate market in the Chungcheong region showed strong performance this year. The competition rate significantly increased compared to last year, and premiums exceeding 100 million won have formed. This trend is analyzed to be influenced by various development benefits such as the Synchrotron Light Source and the Seohae Line?Gyeongbu High-Speed Line (KTX) connection project.

According to an analysis by Real Estate Info on data from the Korea Real Estate Board's subscription home, a total of 509,541 subscription accounts were submitted for 48 apartments offered in the Chungcheong region from January to November this year, showing an average competition rate of 23.73 to 1. This is a 52.21% increase compared to last year’s 356,574 subscription accounts for 46 complexes, which recorded an average competition rate of 15.56 to 1.

By region, excluding the metropolitan area, Chungcheong (Daejeon, Sejong, Chungbuk, Chungnam) had the highest competition rate at 23.73 to 1, followed by Honam (Gwangju, Jeonnam, Jeonbuk) at 11.43 to 1, and Gyeongsang (Busan, Ulsan, Daegu, Gyeongnam, Gyeongbuk) at 10.69 to 1.

In particular, the “Sejong Ja-i The City” apartment complex offered in Sejong City last July became a hot topic as its highest sale price for an 84㎡ exclusive area was about 445 million won (excluding penthouse types), which was 200 to 400 million won cheaper than nearby market prices. As a result, 220,930 subscription accounts were submitted, recording a high competition rate of 199.58 to 1 on average.

Chungnam and Chungbuk are influenced by expectations from various development benefits in the sales market. A representative development benefit is the large-scale national project “Synchrotron Light Source” worth about 1 trillion won. According to Real Estate 114 data, housing prices in Cheongju, Chungbuk, rose by 33.03% from May last year, when the Synchrotron Light Source development was confirmed, to November this year, about a year and a half.

Transportation benefits also attracted attention. In June, the Ministry of Land, Infrastructure and Transport announced the 4th National Railroad Network Construction Plan, which included the Seohae Line?Gyeongbu High-Speed Line (KTX) connection project. Once these two lines are connected, travel time from Hongseong, Chungnam to Seoul is expected to be drastically reduced from 2 hours to 48 minutes.

Interest in various benefits led to high subscription competition rates. The “Hillstate Mojong Neoluce” in Asan, Chungnam, offered in April this year, attracted 31,491 subscription accounts, recording an average competition rate of 61.27 to 1. The “Ochang Bando Yubora Prestige” supplied in Cheongju, Chungbuk last July also closed all units with a first-priority subscription at an average competition rate of 33.18 to 1.

Apartment prices have also risen significantly. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, the average highest price of the top 10 complexes traded in Chungbuk this year (January to November) for an 84㎡ exclusive area was 758 million won, which is over 200 million won higher than last year’s 521.8 million won for the same period. Chungnam also rose from 850.8 million won last year to 933.7 million won this year.

Real Estate Info’s Research Team Leader Kwon Il said, “The real estate fever that was previously concentrated in the metropolitan area is spreading nationwide, and the Chungcheong region is also experiencing a hot market. Especially, with various development benefits attracting attention, premiums have formed on pre-sale rights, raising expectations for new sales in the Chungcheong region at the end of the year.”

It is noteworthy whether the complexes scheduled for sale in the Chungcheong region at the end of the year will continue this momentum.

Hanwha Construction plans to offer “Hanwha Forena Cheongju Maebong” in Mochung-dong, Cheongju, Chungbuk this month. The complex consists of 1,849 units ranging from 74 to 104㎡. It is adjacent to Maebong Park, which is planned to be developed as the largest urban park in Cheongju, providing a pleasant residential environment, and residents can also enjoy convenience facilities in the original downtown area of Cheongju such as Nammun-ro and Bukmun-ro.

In Eumseong Enterprise Complex City, Daewoo Construction plans to introduce “Eumseong Prugio The First” with 1,048 units ranging from 74 to 110㎡.

In Seongseong-dong and Baekseok-dong, Seobuk-gu, Chungnam, Hanwha Construction will offer “Hanwha Forena Cheonan Nota” with 1,608 units ranging from 84 to 114㎡, and in Seonhwa-dong, Jung-gu, Daejeon, Kolon Global plans to offer 743 units of 84㎡.

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