As apartment prices in Incheon's Cheongna International City turn downward, attention is focused on the background.  The photo is an apartment complex in Cheongna International City (Maekyung DB)
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Dedicated 84m2 of 500 million each ‘tuk-tuk’… What happened to the Incheon Cheongna apartment

As apartment prices in Incheon’s Cheongna International City turn downward, attention is focused on the background. The photo is an apartment complex in Cheongna International City (Maekyung DB)

The atmosphere in the real estate market in Cheongna International City, Incheon, where sales prices have been on an upward trend for a while, is unfavorable. Attention is focused on the background as the sale price of major complexes has fallen by hundreds of millions of won and transactions are also cut off.

According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, the 84 m² dedicated to the 2nd Edu&Park in Cheongna Jeil Punggyeongchae, Seo-gu, Incheon, was recently sold for 755 million won. This is a drop of 185 million won from the previous high (940 million won). The sale price of 84 m² for Lake Blue, which is a Cheongna Hanyang Suin, also soared to 1.295 billion won at the end of last year, but recently dropped to 750 million won by more than 500 million won.

Apartments for sale are also gradually accumulating. According to Asil, the number of listings for sale in Cheongna-dong, Seo-gu, Incheon was 1,378 as of April 25, an increase of more than 11% from 1,240 a month ago.

Experts analyze that house prices in Cheongna International City did not escape the cold wave as demand for investment in major areas in the metropolitan area was cut off in the aftermath of interest rate hikes and loan regulations. Another variable is the continued increase in the supply of housing. The number of apartment occupants in Incheon is increasing every year from 13,679 households in 2019 to 11,429 households in 2020 and 2888 households last year. An official from the real estate industry said, “As house prices surged last year, recent price adjustments have been made, and apartment prices in Cheongna are also on the decline. There is a high probability that house prices will remain weak for the time being due to the large number of tenants moving into Incheon this year.”

On the other hand, there is also a forecast that house prices in Cheongna International City will bottom out and rebound if real demand increases due to the good news of the extension of Subway Line 7. The line 7 extension project linking Seoknam Station to Cheongna International City Station on the Airport Railroad is targeted to open in 2027. When the Line 7 extension line is opened, the travel time from Cheongna to Guro in Seoul will be reduced by 36 minutes from 78 minutes to 42 minutes. It is expected that access to Gangnam will be improved for Cheongna residents as they can go to the Gangnam area without transferring.

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Reference-www.mk.co.kr

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