2023-10-10 09:30:00
As apartment sales prices are skyrocketing, unsold apartments in Busan are showing signs of running out. It is analyzed that the sale price, which was expensive in the past, is now due to the spread of the perception that ‘it is worth buying at that price’. A bird’s eye view of the 4th Seomyeon Spring, Summer, Fall and Winter in Busan. According to Busan City data from International Newspaper DB on the 10th, as of August 31, the number of unsold privately-sold houses in the region was 2,343 households. There were 128 households, down from 2,471 households on August 15, 15 days ago.
By complex, the unsold units for ‘Seomyeon 4th Spring, Summer, Autumn and Winter’ in Danggam-dong, Busanjin-gu showed the greatest decline, decreasing by 84 households from 206 to 122. The number of unsold units in Gyeongdong, Haeundae-gu’s Reinview 2nd Street also decreased by 30 households in 15 days, from 266 to 236 households.
As such, unsold homes in Busan have been selling steadily recently. It rose sharply from 2,646 households on January 31st to 3,107 households on June 30th, and then continues to decline.
The situation across the country is similar. According to data from the Ministry of Land, Infrastructure and Transport, the number of unsold homes dropped by more than 10,000 from 72,104 in March to 61,811 in August.
Experts interpret this phenomenon as a result of the soaring prices of new apartments. As construction-related prices, such as atomic ash and labor costs, rise, the sale price of new apartments in Busan has been breaking record after record this year. For this reason, the selling prices of unsold apartments that were not sold due to being considered expensive at the time of subscription have now become competitive.
Even when the 4th spring, summer, fall, and winter in Seomyeon, Danggam-dong, Busanjin-gu, where the number of unsold units has decreased significantly this time, the majority opinion was that the average selling price of 16.9 million won per 3.3㎡ was expensive when it was sold in July of last year. However, now even this sale price has become relatively cheaper.
Apartment prices in Busan are literally skyrocketing. According to data from the Housing and Urban Guarantee Corporation, the average selling price of private apartments in Busan as of the end of August amounted to 21.92 million won per 3.3㎡. It rose by 4 million won from 17.93 million won a year ago.
A real estate investor in Busan said, “With predictions that sales prices may rise further in the future, there is a lot of demand for unsold apartments. “Unsold apartments, which were expensive to begin with, have become price competitive over time,” he said. “There are about two to three years left until occupancy, and by then there will be a shortage of units available for occupancy in Busan, so we are investing with anticipation.”
However, the exhaustion of such unsold inventory is expected to vary depending on location. Lee Young-rae, CEO of Real Estate Survey, said, “Unsold apartments are gaining popularity as the average selling price of apartments in Busan is currently recognized as around 18 to 20 million won per 3.3㎡. However, as interest rates are still high, supply is limited depending on location, brand, size, etc. “The situation will be different,” he predicted.
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