Haeundae Marine City is Busan’s new luxury neighborhood
February 11, 2014 - South Korea
The Haeundae district in Busan is fast-becoming South Korea’s top high-end investment destination.
As of 2013, Busan has a wealthy population of 13,000 individuals with a personal worth of at least KRW1 billion (USD933,046), a KB Financial Group Management Research Institute research analyst told the Korea JoongAng Daily.
Real estate prices have surged in recent years in Busan as Haeundae now places ninth on a nationwide ranking published by web-based real estate information network Serve of richest districts with luxury residences worth over KRW900 million (USD839,000), up five notches from 2009. At present, there are 1,840 such homes in the district.
Haeundae’s prestigious Marine City, formerly a landfill site along Suyeong Bay, houses more than half of the 69 skyscrapers taller than 200 metres in the district—more than Seoul’s total of 20.
Doosan E&C’s 301-metre tall ‘We’ve the Jenith’ and 298-metre high ‘I-Park’ residential and commercial complexes are home to its wealthiest residents, comprising mostly of young CEOs, highly-skilled professionals and state agency heads.
“The city’s richest people love those super-tall buildings in Marine City for their great views,” Lee Young-rae, head of Real Estate 114 Busan branch, told the Korea JoongAng Daily.
Other favourite recreational activities of the rich residents include yachting, dining out and shopping.
Driven by the growing number of billionaire residents, global luxury brands have also started to set up shop in the neighbourhood.
The bustling location near Haeundae Beach and Gwangan Bridge, where Shinsegae Centum City has been recognised as the world’s largest department store by Guinness World Records last year, is also helping the flow of business as affluent buyers from nearby cities of Ulsan, Daegu and Geoje go to Haeundae to shop for premium items such as luxury watches and top European cars, including Bentley, BMW, Mercedes-Benz, Maserati and Porsche.
Source: Property Report
Trends, property prices, Luxury Properties, property investment, Investment property, Luxury development, foreign investors