Local Housing Prices Weaken? Ocean View Properties Buck the Trend with Scarcity-Driven Price Strength

Actual Transaction Prices Rise in Busan, Gangneung, and Changwon

New Developments Such as "Rene Ocean Goseong First View" Hit the Market

While local apartment prices are weakening due to oversupply, some complexes with sea views are showing strength, drawing attention. Experts note that the scarcity value of an "ocean view" is being reflected in housing prices, helping these properties hold their value even in a sluggish market.

Despite the overall weakness in apartment prices in provincial areas, some complexes with sea views are showing strength, attracting attention. A perspective view of the 'Rene Ocean Goseong First View' apartment, which will be offered for sale next month in Toseong-myeon, Goseong-gun, Gangwon-do. Provided by PR Pepper

According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on March 24, last month an A-type 59㎡ (exclusive area standard) unit on the 26th floor at "The Beach Prugio Summit" in Daeyeon-dong, Nam-gu, Busan, was sold for 1.03 billion won. This is an increase of 190 million won compared to the 840 million won price immediately after occupancy in June last year, marking an all-time high. This apartment is a well-known ocean view property adjacent to the Gwangan Bridge tollgate.

This contrasts with the downward trend in apartment prices in Nam-gu, where the complex is located. The apartment sales price index for Nam-gu, Busan, published by the Korea Real Estate Board, fell from 100.11 in March last year to 99.96 last month.

A similar trend was observed in "Changwon Wolyeong Marine Asiang," located in Wolyeong-dong, Masanhappo-gu, Changwon, Gyeongnam Province, in February this year. The transaction price last month for an 84㎡ B-type unit on the 15th floor, which faces the South Sea to the east, was 428 million won, up by around 70 million won compared to a year ago. Over the same period, the apartment sales price index in Masanhappo-gu declined from 100.32 to 100.18, a decrease of 0.14 percentage points.

In Gangneung, Gangwon Province, an 84㎡ unit at "Gangneung I-Park" in Songjeong-dong was sold for 490 million won (14th floor) in January, marking the highest price in the past year. This is an increase of 40 million won compared to the 450 million won (16th floor) price in February last year.

Construction companies are also highlighting differentiated ocean views as a key selling point and are launching new developments one after another.

In Cheonggan-ri, Toseong-myeon, Goseong-gun, Gangwon Province, Korea Land Trust will begin selling "Rene Ocean Goseong First View" next month. Built by Geumgang General Construction, this apartment complex will consist of 263 units ranging from 74㎡ to 183㎡.

This ocean view complex is located within 50 meters of Cheonggan Beach and Cheonggan Bathing Beach. According to the company, the open building arrangement is designed so that most units can enjoy sea views. In particular, units of 117㎡ or larger will feature "private terraces" to maximize the advantages of the ocean view.

The ongoing East-West High-Speed Railway and Donghae Northern Line railway projects in the Goseong and Sokcho areas of Gangwon Province are also drawing attention.

Jungheung Construction and Woomee Construction will introduce "Yeosu Soje Jungheung S-Class Woomeelin" in Yeosu, Jeonnam Province, next month. This large complex consists of 1,679 units ranging from 84㎡ to 135㎡, with some units offering sea views. Nearby is the Soho Dongdong Bridge, a deck-type coastal walkway over the sea.

In Masanhappo-gu, Changwon, Taeyoung Construction plans to supply "Metro City Jasan Daesang" in May. This complex will consist of 1,250 units ranging from 59㎡ to 84㎡, with 738 units available to the general public. The complex is surrounded by Muhaksan Mountain and Chusan Neighborhood Park, and some units are expected to offer views of Masan Port.

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