An architectural rendering of Hillstate Seonam Lake Park apartment complex / Courtesy of Hyundai E&C
Ulsan’s housing market is showing clear signs of recovery as key indicators improve, with apartment prices, transaction volumes and unsold inventories all moving in a positive direction.
According to data from the Korea Real Estate Board, apartment prices in Ulsan rose a cumulative 2.1 percent in 2025, marking the highest increase among noncapital metropolitan areas nationwide. Ulsan is a city in the nation's southeast most famous for Korea’s industrial powerhouses in areas, such as automobiles, shipyards and refineries.
The upward trend has continued this year, with the city recording a cumulative housing price increase of 1.68 percent as of the first week of April, the second-highest growth rate in the country after Seoul.
The number of unsold homes has also declined sharply. Ulsan’s unsold housing inventory fell from 3,811 units in February 2025 to 1,402 units in January 2026, a decline of roughly 63.2 percent over the course of a year — the steepest drop among major cities and provinces nationwide.
Against this backdrop, Hillstate Seonam Lake Park, a new residential complex being developed by Hyundai E&C is drawing attention as it begins first-come, first-served unit sales.
To ease buyers’ initial financial burden, the developer introduced a 5 percent down-payment scheme. The first payment has been set at 5 million won ($3,318).
The complex is located near Seonam Lake Park in Ulsan, offering convenient access to green space and a relatively pleasant residential environment.
The site additionally benefits from convenient commuting access to major industrial complexes via Ulsan Bridge, including facilities operated by SK, S-Oil, Hyundai Motor and HD Hyundai Heavy Industries.
Future transportation improvements are also expected to support the area’s long-term value, particularly with the planned opening of Ulsan’s Tram Line No. 2. More than 2,000 additional brand-name apartment units are expected to be built in the broader Ulsan area, potentially creating a large-scale residential district.
Source: Korea Times News
