The sale price in the five major cities in regions has increased by about 33% over the past three years. The sale price in regional metropolitan cities has also surpassed 20 million won per pyeong (3.3㎡) for the first time in history.
According to real estate research firm Real Estate R114 on the 12th, the sale price of apartments per 3.3㎡ in the five major regional cities (Busan, Daegu, Gwangju, Daejeon, Ulsan) supplied last year was counted at 21.04 million won. This represents a 32.8% increase from 15.84 million won in 2021.
By region, Busan recorded the highest increase at 57.4%, rising from 14.98 million won to 23.57 million won. During the same period, Daejeon also increased by 55.9%, from 13.05 million won to 20.35 million won. Following behind were Ulsan at 47.6%, Gwangju at 21.2%, and Daegu at 19.7%. In the first quarter of this year, the average sale price per 3.3㎡ in the five major regional cities remains above the 20 million won mark at 20.28 million won.
In Busan, there are four complexes that have exceeded 30 million won per 3.3㎡. Three of the four are concentrated in Suyeong District. Last year, the 'The Pine Gwangan' in Suyeong District had a sale price of around 33 million won per 3.3㎡, yet it attracted 4,295 applicants for the first round of subscriptions, recording an average competition ratio of 13.13 to 1.
In Daejeon, among the total of 17 complexes supplied last year, 8 were priced over 20 million won per 3.3㎡. Of these, 7 were concentrated in Yuseong District. The 'Doan Prugio Dia Del (29BL)' and 'Hillstate Doan River Park 5 Complex' supplied in Daejeon both exceeded 20 million won per 3.3㎡, recording double-digit competition ratios of 30.81 to 1 and 23.76 to 1, respectively.
An industry insider noted, "As the surge in sale prices continues, expensive apartments are emerging in major cities in regional metropolitan areas where demand is concentrated, even surpassing those in the metropolitan area," adding, "Until early this year, there was strong resistance to the increase in sale prices, but the trend is growing among potential buyers to secure their homes before it's too late."