In the real estate market, transportation boons are a key driver of value growth. In particular, the Greater Seoul Metropolitan Express Railway (GTX), which dramatically improves access to central Seoul, has become a kind of guaranteed check for home prices. With eight GTX lines disclosed so far, interest is growing ahead of the establishment of the 5th 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–Unjeong Jungang section in Dec. of the same year, operating separately. But as early as June, the previously disconnected Suseo–Seoul section is expected to open. For the first time in two years, all sections will begin operation by passing Samsung Station without stopping. In this case, the travel time from Dongtan to Seoul Station will be slashed from the current one hour to the 20-minute range.
On expectations, home prices near stations on the GTX-A line are stirring again. In Yeoul-dong, Hwaseong, Gyeonggi Province, a 65-square-meter unit at Dongtan Station Lotte Castle changed hands for 1.6 billion won in February, setting a new record. The price jumped by more than 300 million won in four months since Oct. last year (1.28 billion won). An 84-square-meter unit at Bukhansan Hyundai Hillstate 7 in Bulgwang-dong, Eunpyeong District, Seoul, which had been trading in the 1 billion won range in the early days of opening, climbed to 1.3 billion won in January, marking a record high.
The next lines taking 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 they have recently gained speed. The GTX-B line, which consolidates Incheon and northeastern Gyeonggi Province with Yeouido and Seoul Station, began construction first in the government-funded section in 2024. After delays, the private investment section in Songdo International City also started construction in August last year.
The GTX-C line, which will make it possible to reach the Gangnam area from the north and south of Gyeonggi Province in 20 to 30 minutes, is targeting actual groundbreaking this year. The government and the Hyundai Engineering & Construction consortium, the contractor demanding a realistic adjustment of project costs, have been at odds. But as the arbitration ruling on construction costs that both sides agreed to follow is expected in April, construction firms within the consortium are moving to full-fledged groundbreaking, including hiring staff.
In addition to GTX A, B, and C, there are five more lines being discussed. They include GTX-D, E, and F in the "second-phase GTX" plan, and GTX-G and H proposed by Gyeonggi Province. The key is whether these lines will be included in the 5th 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, which is part of the GTX-D line, passed a preliminary feasibility study in July last year, making most of the line's project promotion uncertain. For this reason, on the 13th, Goyang, Namyangju, and Hanam in Gyeonggi Province joined forces to jointly propose including this line in the national rail network plan, with local governments taking active steps.
The GTX-D line is in a "Y" shape, departing 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, Yeonsinnae, and Kwangwoon University to Deokso. And the GTX-F line is a circular line in an "O" shape that links outer areas of the metropolitan region. It passes through Uijeongbu, Daegok in Goyang, Gimpo International Airport, Bucheon Sports Complex, Suwon, Gyosan, and Wangsuk 2.
When the Ministry of Land, Infrastructure and Transport announced the second-phase GTX plan containing these details in 2024, it projected that six GTX lines would benefit an average of 1.83 million people per day. That is more than double the 860,000 for the first-phase GTX (GTX-A, B, and C lines). The government also estimated the economic effect at 135 trillion won and job creation at 500,000. A hyper-connected metropolitan economic living zone will be completed with 30 minutes across the capital region and one hour to the Chungcheong and Gangwon regions.
There are also the "GTX Plus" G and H lines proposed by Gyeonggi Province. The G line, which consolidates northeastern Gyeonggi, Pocheon, and Incheon, would make it possible to reach Gangnam from Pocheon in 30 minutes and Gwangmyeong Station in 43 minutes. The H line connects Paju in northwestern Gyeonggi with 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 additionally open, the population benefiting from GTX will increase by 490,000 to 2.32 million.
However, experts agreed that investors should not rush in based solely on GTX. A source in the real estate industry said, "For example, in some areas where opening is imminent or where some time has passed since groundbreaking, the upside may be limited because the good news is already priced in," adding, "You should carefully review other conditions such as surrounding infrastructure before making an investment decision."