In the real estate market, transportation boons are a key driver of value gains. In particular, the Metropolitan Express Railway (GTX), which dramatically improves access to central Seoul, has become a kind of guarantee for home prices. With eight GTX lines revealed so far, interest is growing ahead of the establishment of the fifth national rail network plan.
One of the most watched transportation issues in the Seoul metropolitan area this year is the full consolidation of the GTX-A section. The GTX-A line opened the 32.7-kilometer Dongtan–Suseo section in Mar. 2024 and the 32.3-kilometer Seoul–Unjeongjungang section in Dec. of the same year, and they have been operated separately. But as early as June, the previously severed Suseo–Seoul section is expected to open. For the first time in two years, trains will run the entire line by passing Samsung Station without stopping. In that case, the travel time from Dongtan to Seoul Station will be slashed from the current one hour to the 20-minute range.
On the expectations, home prices near GTX-A stations are stirring again. In Yeoul-dong, Hwaseong, Gyeonggi Province, a 65-square-meter exclusive-use unit at Dongtan Station Lotte Castle changed hands for 1.6 billion won in Feb., setting a new record. That is an increase of more than 300 million won in four months since Oct. last year (1.28 billion won). In Bulgwang-dong, Eunpyeong District, Seoul, a 84-square-meter exclusive-use unit at Bukhansan Hyundai Hillstate 7 rose to 1.3 billion won in Jan., marking a record high after initially trading in the 1 billion won range when the line first opened.
The next lines to take shape are GTX-B and GTX-C. These lines have faced difficulties due to rising construction costs, requests for additional stations and resident opposition, but have recently gained momentum. The GTX-B line, which consolidates Incheon and northeastern Gyeonggi with Yeouido and Seoul Station, saw its government-funded section break ground first in 2024. After construction delays, the privately financed Songdo International City section also began work in Aug. last year.
The GTX-C line, which will make it possible to travel from the northern and southern parts of Gyeonggi Province to the Gangnam area in the 20- to 30-minute range, is aiming for actual groundbreaking this year. The government and the Hyundai Engineering & Construction-led consortium, the builder demanding that project costs be brought in line with reality, have been at odds. But with an arbitration ruling on construction costs, which both sides agreed to follow, expected in April, builders within the consortium are moving to full-fledged groundbreaking, including hiring staff.
There are five more lines being discussed after GTX A, B and C. They include GTX-D, E and F in the so-called second-phase GTX plan, and GTX-G and H proposed by Gyeonggi Province. The key question is whether these lines will be included in the fifth national rail network plan being drawn up by the Ministry of Land, Infrastructure and Transport, which aims to be announced in the second half of this year. Currently, only the western metropolitan express railway, part of the GTX-D line, passed a preliminary feasibility study in July last year, casting doubt on the promotion of most of this line. As a result, local governments are taking proactive steps, with Goyang, Namyangju and Hanam in Gyeonggi Province jointly petitioning on the 13th for inclusion of this line in the national rail network plan.
The GTX-D line is Y-shaped, starting separately from Incheon International Airport and Janggi in Gimpo, passing through Gangnam, and then splitting again to Hanam Gyosan–Paldang and Wonju in Gangwon. The GTX-E line runs east–west from Incheon International Airport through Daejang, past Yeonsinnae and Kwangwoon University, to Deokso. And the GTX-F line is a circular line in an O shape that links the outskirts of the metropolitan area. It passes through Uijeongbu, Daegok in Goyang, Gimpo Airport, Bucheon Sports Complex, Suwon, Gyosan and Wangsuk 2.
When it announced the second-phase GTX plan containing these details in 2024, the Ministry of Land, Infrastructure and Transport (MOLIT) projected that an average of 1.83 million people per day would benefit once six GTX lines are built. That is more than double the 860,000 for the first-phase GTX (GTX-A, B and C). The government estimated the economic effect at 135 trillion won, with 500,000 jobs created. A hyperconnected metropolitan economic living sphere of 30 minutes across the Seoul area and one hour to the Chungcheong and Gangwon regions will be completed.
Gyeonggi Province has also proposed the GTX Plus G and H lines. The G line, consolidating northeastern Gyeonggi, Pocheon and Incheon, would enable travel from Pocheon to Gangnam in 30 minutes and to Gwangmyeong Station in 43 minutes. The H line links Paju in northwestern Gyeonggi to Wirye New Town in southeastern Gyeonggi. It would take 24 minutes from Munsan to Gwanghwamun and 40 minutes to Wirye. Gyeonggi Province expects that if the two lines are additionally opened, the GTX beneficiary population will increase by 490,000 to 2.32 million.
Still, experts said investors should not rush in based on GTX alone. A real estate industry source said, "For example, in some areas where opening is imminent or time has passed since groundbreaking, the boon may already be priced in, leaving limited room for further gains," adding, "You should make investment decisions after closely checking other conditions, such as surrounding infrastructure."