The Gangwon real estate market is showing signs of recovery in subscription sentiment. As unsold units are also decreasing, expectations for a resumption of supply in the second half of the year are growing.
According to the July apartment subscription outlook index released by the Korea Housing Institute on the 18th, Gangwon Province recorded 90.9, an increase of 24.5 points compared to the previous month. This is the largest increase among 17 cities and provinces nationwide.
An industry official noted, "This index reflects figures prior to the announcement of the June 27 real estate measures, so it does not include expectations from the policies," adding, "If the ripple effects of the regulations benefiting regions outside the metropolitan area are reflected, the subscription sentiment in Gangwon Province may improve further."
Improvements in subscription indicators are also confirmed by the decrease in unsold units. According to the Ministry of Land, Infrastructure and Transport, the number of unsold units in Gangwon, which had increased to 5,172 units in July last year, was counted at 3,783 units as of May this year, a decrease of 26.8%.
The industry views the rebound in the Gangwon subscription market as a result of a combination of expectations for economic stimulus from the new government and ongoing traffic improvements in Gangwon Province, along with moves to recover the subscription market.
Gangwon Province has traffic improvements such as the establishment of the Wonju line for GTX-D and the extension of the Chuncheon line for GTX-B. If these lines are carried out as planned, major cities in Seoul can be reached within an hour. Additionally, last month, Sokcho City was released from the unsold management area after nine months, confirming the recovery of the subscription market.
Against this backdrop, interest in the Gangwon subscription market is rising as it is set to resume in the second half of the year. In particular, Gangwon Province is noteworthy for concentrating 2,132 units of subscription over the two months of July and August. This figure is more than 2.5 times higher than the total supply in the first half of the year (based on total units).
According to Real Estate R114, subscriptions are scheduled for July and August in areas such as Wonju, Chuncheon, and Samcheok. First, in Wonju, Woongjin Construction plans to offer 'Wonju Station Woongjin The Stella' in August at the Namwonju Station area, Block AC-5. The project will consist of a total of 927 units, rising up to 43 floors, with all units consisting of a single area of 84㎡. It is located within walking distance of KTX Wonju Station, completing a total of 1,827 units under the Woongjin brand town along with the previously supplied 'Wonju Station Woongjin The Sky' (900 units).
In Chuncheon, Dongmun Construction and CNW are planning to offer 'Chuncheon Dongmun The East Urban Forest' in the Mancheon-ri area this month. The project will consist of a total of 569 units, with areas ranging from 59 to 84㎡. Additionally, HDC Hyundai Development Company plans to provide a total of 218 units for 'Chuncheon Lake City Phase 2 I-Park' in Samcheon-dong, Chuncheon, in August.
In Samcheok City, Doosan Enerbility is set to offer 'Triven Samcheok' in the Gyodong area in July. This will be the first Triven brand complex presented in Gangwon Province, with a total of 418 units, featuring areas of 84 and 99㎡.
A real estate expert stated, "The Gangwon subscription market in the second half of the year is likely to attract interest from both actual and investment demand as new subscriptions continue in preferred areas such as Wonju and Chuncheon," adding, "There will also likely be considerable latent demand."