Record-high sale prices are being reported at major apartment complexes near Hwaseo Station in Suwon, Gyeonggi Province. In some complexes, the standard 84-square-meter unit is approaching 1.4 billion won, and larger units have risen to as high as 1.5 billion won. The market analyzes that the ongoing Shinbundang Line extension is improving access to Seoul's Gangnam and that the opening of Starfield Suwon is enhancing the residential environment, which is driving strong sale prices in complexes in this area.
According to the Ministry of Land, Infrastructure and Transport on the 11th, a 104.92-square-meter unit at Hwaseo Station Prugio Briseiel changed hands for 1.5 billion won on Apr. 7. The same size had a transaction at 1.49 billion won on Feb. 11, but it rose to the 1.5 billion won level last month. On Mar. 23, a 84.86-square-meter unit in the same complex set a record-high price at 1.39 billion won. The same layout transacted at 1.33 billion won on Feb. 10, rising 60 million won in one month.
This apartment is located at 961 Jeongja-dong, Jangan District, Suwon, and is a newly built complex completed in 2023. It is a mixed-use complex with three apartment buildings and two officetel buildings, and the apartment portion has 665 units. In Jan. 2024, Starfield Suwon opened right in front of the complex, and Hwaseo Station on Subway Line No. 1 is a 7-minute walk away.
Hwaseo Station Park Prugio, located across a major road from Hwaseo Station Prugio Briseiel, has also seen rising sale prices. On Mar. 28, a 59.98-square-meter unit changed hands for 1.1 billion won, setting a new record-high price. The same layout recorded a record-high at 950 million won on Oct. 4 last year, and rose 150 million won in five months. This complex at 950 Jeongja-dong is also a mixed-use development completed in 2021. It consists of 14 apartment buildings with 2,355 households and one officetel building with 458 units.
Hwaseo Station had been regarded as on the outskirts of Suwon compared with areas such as Yeongtong District, home to Gwanggyo New Town. But recently, as construction progresses to extend the Shinbundang Line 10.1 kilometers from Gwanggyo to Homaesil, the real estate market is paying attention to Hwaseo Station. The section is scheduled for completion in 2028, and when it opens, riders will be able to reach Seoul's Gangnam from Hwaseo Station via the Shinbundang Line in under 40 minutes. Shim Hyeong-seok, senior committee member at Law Firm Joyul (head of Udaebbppang Research Institute), said, "Because access to Gangnam will be dramatically improved, this is the biggest factor driving home price increases near Hwaseo Station."
The mixed-use shopping mall Starfield Suwon, which opened in 2024, is also analyzed to be influencing rising apartment sale prices near Hwaseo Station. Kim Hak-ryeol, head of the SmartTube Real Estate Research Institute, said, "With Starfield Suwon opening right in front of the newly built complexes near Hwaseo Station, it has greatly enhanced the value of the residential environment," adding, "Considering education, job access, and shopping infrastructure, this area is developing the optimal location as a bedroom community."