According to the Korea Real Estate Agency, apartment prices in Jeonju, North Jeolla Province, rose by 5.93% from January to September this year, but the mood in the housing market varies significantly by region. In Eco-City, which features parks, schools, and commercial areas, existing residents continue to seek new or larger homes within the same living environment. In contrast, the northern outskirts have seen low demand for new apartments despite expectations surrounding industrial complex development.
On November 6, a visit to Eco-City in Songcheon-dong, Deokjin-gu, revealed high-rise apartment complexes and commercial facilities at the entrance of the new town. A nearby bank displayed a banner reading 'Loan Consultation for Eco-City Residents.' Educational institutions and shops were interspersed throughout the area, and residents were seen enjoying walks in Sebyeong Park even on a weekday afternoon.
Eco-City is designed around a park, with apartment complexes and schools, making it particularly appealing to young families with children, according to local real estate agents. One agent noted, 'The complexes are arranged around the park, providing good accessibility, and there is steady demand from younger residents, leading to an increase in elementary school enrollment and academic enthusiasm.'
Community facilities have also been enhanced. The Eco-City Complex Community Center, which includes a swimming pool and community space, opened an Eco-Library in March of last year.
In this area, apartments with a dedicated area of 84 square meters have been trading in the 800 million won range. According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, an 84-square-meter unit in 'Forena Jeonju Eco-City' sold for 840 million won in September.
There is also ongoing demand for residents to upgrade to larger homes or preferred complexes within Eco-City. The agent stated, 'Many people are changing their unit sizes or moving to different complexes within Eco-City,' adding, 'This morning, I finalized a sale in this complex.'
However, Eco-City faces challenges in educational facilities. According to a report from the North Jeolla Provincial Council's site inspection last month, there is no high school in Eco-City, forcing students to commute long distances. Plans are underway to relocate Jeonju High School, with a target opening date of March 2029.
Moving north from Eco-City to the area around 'North Jeonju Gwangsin Progress' in Gorang-dong, Deokjin-gu, the atmosphere was markedly different. Unlike Eco-City, the construction site lacked the dense commercial and educational facilities. Across the street were existing apartments, and behind was Jeonbuk Girls' High School. The nearest Jeonju Jochon Elementary School is about a 15-minute walk away.
In May, North Jeonju Gwangsin Progress held a non-priority recruitment for 298 units, but only 12 applications were received. The initial supply price for the 84A units, including balcony extension fees, ranged from 459.8 million to 474.8 million won.
There are also expectations for new jobs in the North Jeonju area. A carbon materials national industrial complex is being developed in the Yeoidong and Gorang-dong areas. According to a report from Jeonju City on November 5, the complex is 70% complete and aims for a December 2024 completion, with about 30% of the land already sold. Additional employment opportunities will need to be realized as companies move in and begin operations.
Projects to improve transportation and residential environments are also underway. Jeonju City plans to complete the Palgwangjeong Road, which leads to the carbon industrial complex, by the end of the year and create an urban forest to serve as a buffer between the industrial complex and residential areas.
In the existing urban center, demand has surged for new apartments equipped with living facilities. The area around 'Gold Class Signature' in Jinbuk-dong recorded an average competition ratio of about 34.7 to 1 during the first priority recruitment this year, with traditional markets and existing commercial areas nearby.
In Wansan-gu, there is also a trend of newlyweds and young professionals shifting from renting to buying due to difficulties in finding rental properties. One local agent remarked, 'Newlyweds and young professionals are turning to purchases as rental options become scarce,' noting that prices are rising in traditionally preferred areas like Seosindong.
* This article has been translated by AI.
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