Is Haeundae Driving the Decline? TOP 6 Large Apartment Complexes in Busan Still Unable to Recover

The disparity between Seoul and regional real estate markets is becoming increasingly pronounced

The disparity between Seoul and regional real estate markets is becoming increasingly pronounced. While apartment transaction volumes in Seoul have soared to their highest level in over three years, and property prices in major areas have rebounded beyond previous highs, Busan’s market has been struggling. Since switching to a downward trend in June 2022, property prices in Busan have continued to decline. This article will explore the six large apartment complexes in Busan's popular districts that have seen the greatest drops in value and have yet to recover.

Busan's real estate market has been experiencing a prolonged decline for over two years, with no signs of recovery. Even in popular districts like Haeundae, Suyeong, and Dongnae, property values have plummeted significantly. Below are the six large apartment complexes in Busan’s transit-oriented zones where prices have dropped the most.

6th Place: The Sharp Centum Park 1st Phase, Jaesong-dong, Haeundae

- Year of Completion: 2005

- Total Units: 2,752

- Location: Donghae Line Centum Station area

- Peak Price (2 years ago): 1.25 billion KRW

- Recent Transaction Price: 947 million KRW

- Current Quick Sale Price: 930 million KRW

The Sharp Centum Park 1st Phase, located north of Centum City, features river views for some units. Despite these advantages, prices have dropped by nearly 300 million KRW.

5th Place: Busan The Sharp Centum Fore, Minrak-dong, Suyeong

- Year of Completion: 2014

- Total Units: 1,006

- Location: Line 2 Minrak Station area

- Peak Price (2 years ago): 1.02 billion KRW

- Recent Transaction Price: 720 million KRW

- Current Low-Floor Quick Sale Price: 700 million KRW

Although this complex benefits from proximity to the Shinsegae Centum City department store, it lacks nearby amenities and has seen a 300 million KRW price drop.

4th Place: Haeundae Xi 2nd Phase, U-dong, Haeundae

- Year of Completion: 2018

- Total Units: 813

- Location: Line 2 and Donghae Line Bexco Station area

- Peak Price (2 years ago): 1.32 billion KRW

- Recent Transaction Price: 945 million KRW

- Current Price Range: Low-Floor 895 million KRW ~ 950 million KRW

This nearly new complex has dropped about 375 million KRW from its peak price, with disadvantages including lack of nearby commercial areas and being located on a hill.

3rd Place: Myeongnyun Xi, Myeongnyun-dong, Dongnae

- Year of Completion: 2019

- Total Units: 671

- Location: Line 1 Dongnae Station area

- Peak Price (2 years ago): 1.1 billion KRW

- Recent Transaction Price: 710 million KRW

- Current Price Range: 700 million KRW ~ 800 million KRW

Myeongnyun Xi offers convenience with its proximity to shopping and educational facilities, but prices have dropped nearly 400 million KRW.

2nd Place: Samho Garden Apartments, U-dong, Haeundae

- Year of Completion: 1985

- Total Units: 1,076

- Location: Donghae Line Bexco Station, Line 2 Bexco Station area

- Peak Price (2 years ago): 1.35 billion KRW

- Recent Transaction Price: 940 million KRW

- Current Price: Lowest 900 million KRW

Despite being close to amenities and undergoing redevelopment, this older complex has experienced a 400 million KRW price drop.

1st Place: Haeundae Vista Dongwon, U-dong, Haeundae

- Year of Completion: 2019

- Total Units: 504

- Location: Line 2 Haeundae Station area

- Peak Price (2 years ago): 1.34 billion KRW

- Recent Transaction Price: 800 million KRW

- Current Price Range: Low-Floor 800 million KRW ~ High-Floor 1 billion KRW

This mixed-use complex, despite its proximity to Haeundae’s main commercial district, has seen a staggering 500 million KRW drop in prices. The current price range varies significantly between lower and higher floors.

Even in the popular Haeundae district of Busan, property prices have not yet recovered from the steep declines experienced over the past two years. While there are variations in price depending on factors like floor level and unit type, the overall trend reflects a severe downturn in the regional real estate market. Prospective buyers should approach with caution, as the market remains challenging and the number of unsold units is at its worst in 11 years.