The prices of large-scale new apartments in the vicinity of Gyeonggi's Gwangmyeong City are soaring. At one time, they had a negative premium (Mafi) due to high sale prices and oversupply, but as overall housing prices rise and supply burdens ease, demand is being met.
According to the Gyeonggi Real Estate Portal and the brokerage industry on the 30th, the 'Gwangmyeong Central I-Park,' set to be completed this November, has recorded a new high for all unit types this year. A dedicated 84㎡ reached a peak price of 1.26735 billion won on February 15 (3rd floor). A dedicated 59㎡ also hit a new high at 960 million won on the 15th of this month (31st floor). A dedicated 40㎡ recorded 750.51 million won (31st floor) in March, and a dedicated 75㎡ peaked at 1.11042 billion won on the 12th of this month.
The dedicated 84㎡ of 'Cheolsan Xi the Heritage,' which begins occupancy at the end of May, has surpassed 1.3 billion won. It was sold for 1.330 million won on February 8 (26th floor). Last August, it had a peak price of 1.39661 billion won (28th floor). A dedicated 59㎡ traded at 1.060 million won (28th floor) on the 12th of this month, breaking the 1 billion won mark.
Redevelopment apartments in the Gwangmyeong New Town and Cheolsan-dong area had also been traded with a 'Mafi' until last year due to temporary oversupply. In December of last year, 'Trius Gwangmyeong' was traded with a maximum Mafi of 30 million won ahead of its occupancy. When this apartment was sold in October 2023, the average selling price per 3.3㎡ was set at 32.7 million won, sparking controversy over high sale prices. This large complex, comprising 3,344 units, took 10 months after the sale to dispose of the unsold units.
This year, about 10,000 housing units are set to be completed, and prices continue to rise. As housing prices skyrocketed and the burden of high selling prices eased, there is almost no supply following this year. With construction costs soaring, unsold units have been resolved. According to the Ministry of Land, Infrastructure and Transport, as of March, there were only 207 unsold units in Gwangmyeong City. Once the scheduled move-ins are completed, it will be difficult to find supply in Gwangmyeong City for the time being. While there are remaining areas in Haan Jugong, they are still in the initial stages of reconstruction.
Park Hap-soo, a professor at Konkuk University's Graduate School of Real Estate, noted, "The unsold units have been significantly resolved in less than a year, and once the occupancy volume is released by next year, there will be no ongoing projects," adding, "The situation is different from when prices fell due to supply burdens 1-2 years ago."