Move-in Begins for Complex Supplied 2-3 Years Ago... Spotlight on ‘ePyeonhansesang Geoje Euro Sky’

Recently, as apartment sale prices have surged sharply, buyers' attention has been drawn to complexes that have recently begun occupancy.

According to data from Real Estate R114, as of June this year, the average nationwide apartment sale price was 18.98 million KRW per 3.3㎡. Compared to 18 million KRW at the end of last year, this represents an increase of about 1 million KRW over six months, which translates to a rise of over 30 million KRW per unit for the 84㎡ type (formerly 34 pyeong).

Apartment sale prices have risen rapidly since 2022. In 2022, prices increased by about 16% compared to the previous year, marking the largest rise in 15 years since 2007, and in 2023, the growth rate was even higher at approximately 18%.

This year, the upward trend in sale prices is expected to continue. Severe inflation affecting construction materials such as cement, rebar, and ready-mixed concrete, as well as labor costs, has significantly increased construction expenses. From the supplier's perspective, who must secure a certain level of profit, it is inevitable to reflect the soaring construction costs in the sale prices, which ultimately leads to further price increases, according to industry insiders.

An industry official stated, “Newly launched complexes have traditionally been seen as opportunities to realize 'owning a home' based on reasonable price competitiveness compared to existing occupied complexes, but the recent steep rise in sale prices has greatly diminished this advantage. Amid this situation, as occupancy begins in complexes that were supplied at relatively reasonable prices two to three years ago, buyers' attention is shifting toward these complexes.”

In Geoje, Gyeongnam Province, the recently completed ‘e-Pyeonhansesang Geoje Euro Sky’ is currently undergoing occupancy with great popularity. Earlier this year, occupancy rights for the 99㎡ type were traded for over 700 million KRW, marking the first time apartments in Geoje have reached the 700 million KRW price range. Given that this record was set during a nationwide real estate downturn, the value is expected to rise further when the market recovers.

A real estate expert in Geoje commented, “e-Pyeonhansesang Geoje Euro Sky, along with the nearby Euro Island, has firmly established itself as the undisputed leading complex among Geoje residents. Considering location and product conditions, it will be difficult for a comparable complex to emerge in Geoje in the future. Although a new complex is being prepared for sale in Okpo-dong, given the current upward trend in sale prices, it is expected to be challenging to offer prices acceptable to consumers. Even if prices are adjusted, it will be difficult to match e-Pyeonhansesang Geoje Euro Sky in terms of location.”

e-Pyeonhansesang Geoje Euro Sky is located on Big Island, which is being developed through the redevelopment of Gohyeon Port. Big Island is Geoje’s only marine complex city, featuring a hotel, shopping mall, marina, and large park. Although development is still underway, it is already regarded as the best location among Geoje residents, with even greater future value anticipated.

Additionally, e-Pyeonhansesang Geoje Euro Sky, together with the nearby e-Pyeonhansesang Geoje Euro Island, boasts a level of design completeness never before seen in Geoje. DL E&C’s innovative residential layout, the C2 House, has been applied to maximize optimal living flow and space utilization, enhancing resident satisfaction. On the top floors of the complex, a specialized community space takes advantage of the ocean view location, providing a more relaxed and refined resting area as a representative landmark complex of Geoje.

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