Ulsan Real Estate Market Heats Up Amid Supply Shortage, Sale and Jeonse Prices Rise; Attention on Dongwon Development's "Ulsan Sinbok Station Vista Metro"

The upward trend that began last year has continued into this year, bringing a full-fledged spring breeze to the Ulsan real estate market. This upward momentum is evident throughout the housing market, including rising sales prices, increasing buyer sentiment, and a decrease in unsold units. While industrial booms such as the shipbuilding industry have had an impact, the primary reason cited is a shortage of housing supply.

The ten-year average number of new housing units in Ulsan is 7,261 per year; however, since 2024, this number has remained in the 4,000s annually, and this year is also expected to see only around 4,000 units. This continued 'supply shortage' is driving up apartment sales prices. Last year, Ulsan recorded the highest increase in home prices among non-metropolitan areas. According to the Korea Real Estate Board's weekly apartment price trends, apartment sales prices in Ulsan rose by a cumulative 2.1% in 2025, the highest increase among non-metropolitan local governments. Buyer sentiment also ranked the highest among the six major metropolitan cities.

Additionally, Ulsan recently saw a sharp decrease in apartment jeonse (long-term rental deposit) supply, with the jeonse supply-demand index reaching the highest level nationwide. The number of unsold units also fell from 3,943 in January 2025 to 1,632 in January 2026, a decrease of 58.6% in just one year. This is the largest decrease among all provinces and cities nationwide. Analysts note that this trend is significant not only because it eases the burden of supply, but also because it indicates that the market is regaining its ability to absorb real demand.

The upward trend is especially pronounced in Nam-gu, an area where supply has been insufficient. According to actual transaction data from the Ministry of Land, Infrastructure and Transport, an 84-square-meter unit at "Munsuro Daegongwon Aileen's Garden" in Sinjeong-dong, Nam-gu, was sold for KRW 1.2 billion in January. Given that the transaction price was in the KRW 990 million range in February of last year, this represents an increase of about KRW 200 million in less than a year.

The annual appropriate supply for Nam-gu is estimated at 5,400 units, but the supply in 2026 is expected to be only 2,100 units, falling to less than half (38%) of the appropriate demand. With the number of expected new units decreasing further next year and the year after, experts say now is the opportunity to secure a newly built apartment in Nam-gu for 2028–2029.

Amid this atmosphere, heightened attention is focused on the (tentatively named) "Ulsan Sinbok Station Vista Metro," which is set to be launched in April in Mugeo-dong, Nam-gu, Ulsan Metropolitan City. Located in front of the Sinbok Intersection, the transportation hub of Ulsan, this development is expected to usher in the era of the Ulsan station area, alongside the planned opening of Urban Railway Line 1 (tram) in 2029. Furthermore, Sinbok Intersection is set to become a starting point for several lines that are either planned or under development, including the Busan·Yangsan·Ulsan Metropolitan Railway, Urban Railway Line 4, and the Innovation City Line. As a result, "Ulsan Sinbok Station Vista Metro" is seen as a valuable transfer hub, with increasing potential and vision.

"Ulsan Sinbok Station Vista Metro" offers convenient access to wide-area travel via Sinbok Intersection, the Busan-Ulsan Expressway, and Ulsan IC. It is also close to educational facilities such as Sinbok Elementary School, Janggeom Middle School, Samho Middle School, Ulsan Jeil High School, and Seonggwang Girls' High School. In addition, residents can conveniently access a variety of hospitals, clinics, financial institutions, and large supermarkets in the Nam-gu city center, as well as enjoy easy access to cultural, shopping, and convenience facilities in the Ulsan University commercial district.

The development has elevated residential value atop this prime location. As the tallest landmark in the area at 38 stories above ground (including the rooftop floor), it offers ample parking with approximately 1.47 spaces per unit for greater convenience. All units will be the highly popular 84-square-meter size, designed for practical space utilization. Each unit will include a storage space to enhance convenience, and a food waste automatic transfer system—previously available only in high-end developments—will be installed to provide a hygienic and convenient living environment, reflecting careful attention to residential convenience and practicality throughout.

"Ulsan Sinbok Station Vista Metro" will comprise a total of 580 units, including 481 apartments and 99 residential officetels. The show home is scheduled to open in Dal-dong, Nam-gu, during April.

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