High Seoul housing costs drive demand to Incheon as Doosan We’ve The Central Dohwa sells out

All 412 apartments offered in the general sale of Doosan We’ve The Central Dohwa in Incheon’s Michuhol district have been contracted, Doosan Engineering & Construction said on September 3.

The development in Dohwa-dong will contain 660 households across seven buildings, rising from two basement levels to a maximum of 39 floors. The company said the remaining units were recently contracted, completing sales of the general-sale inventory.

The result comes as rising housing prices in Seoul push some demand toward Gyeonggi Province and Incheon. Data from the Korea Real Estate Board showed that Seoul residents bought 19,902 apartments in the two areas during the first seven months of the year, a 45.1% increase from the same period last year. Their share of all apartment purchases also rose from 11.9% to 14.7%.

Mortgage conditions linked to home prices are another factor for prospective buyers. In the Seoul metropolitan area and regulated regions, mortgage limits for home purchases vary according to the property price. Homes priced at 1.5 billion won or less qualify for loans of up to 600 million won, while the limit falls for more expensive properties.

Doosan said the project’s pricing and housing features made financial planning relatively easier as interest rates and borrowing costs increased. The company plans to follow it with Doosan We’ve The Zenith Bucheon, a joint project with Ssangyong Engineering & Construction. The Bucheon development will include 1,728 apartments and 280 officetel units, with access on foot to Sosa Station, served by Seoul Subway Line 1 and the Seohae Line.

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As Seoul housing prices and interest rates rise, prospective buyers are increasingly considering Seoul accessibility, residential convenience and financial burden together. We expect interest in new apartments in Gyeonggi with good access to Seoul and suitable conditions for owner-occupiers to continue.