Ulsan Real Estate Market Recovers, Hyundai Hillstate Project Sees Active Sales

The Hankyoreh is reporting on the burgeoning recovery of the Ulsan real estate market, a positive development for the city often associated with its industrial prowess. Key indicators, such as a notable increase in apartment prices and a sharp decline in unsold housing units, signal a robust rebound.

According to data from the Korea Real Estate Board, Ulsan's apartment prices saw a cumulative increase of 2.1% in 2025, marking it as the highest growth rate among non-metropolitan wide cities. This upward trend has continued into 2026, with the cumulative price increase reaching 1.68% as of the first week of April, placing Ulsan second only to Seoul nationwide.

Furthermore, the glut of unsold homes, which stood at 3,811 units in February 2025, has been dramatically reduced to 1,402 units by January 2026, a decrease of approximately 63.21%—the steepest decline among all provinces and cities in the country. Transaction volumes have also surged, with the Busan-Ulsan-Gyeongnam region recording 7,656 apartment sales in February 2026, a 20.69% increase compared to the same period last year.

Amidst this favorable market climate, Hyundai Engineering & Construction's 'Hillstate Seonam Lake Park' is drawing significant interest. Located in the Yaeum-dong area of Nam-gu, Ulsan, the development comprises 753 units—631 apartments and 122 officetels. The project is designed to appeal to buyers with a low initial payment requirement of 5% of the total contract price, with the first installment set at 5 million won. Its strategic location, offering proximity to Seonam Lake Park, schools, and major industrial complexes like SK, S-Oil, Hyundai Motor, and Hyundai Heavy Industries, further enhances its appeal. The anticipated opening of the city's tram line 2 is expected to boost the area's future value, potentially creating a large-scale residential town.