Apartment prices are rising in major areas of Seoul and the greater capital region, but Ilsan in Goyang, Gyeonggi Province, is outside the upward trend. While Seoul apartment prices rose more than 5% in the first half of the year, Ilsandong District and Ilsanseo District both fell in the 1% range. By contrast, Deogyang District, where new housing clusters such as Deogeun, Hyangdong, and Jichuk close to Seoul are concentrated, has risen, shifting the lead in apartment prices within Goyang to new builds in Deogyang.
An analysis of Korea Real Estate Board (REB) apartment price trends on the 19th found that as of the end of June this year, Seoul apartment sale prices had cumulatively risen about 5.1%. In contrast, Ilsandong District fell about 1.3% and Ilsanseo District fell about 1.2%. Even as Gyeonggi Province apartment sale prices rose 2.87%, Ilsan failed to shake off its decline.
Differences by area were clear even within Goyang. Deogyang District apartment prices turned upward, climbing around 0.3% in the same period. If Ilsan New Town once represented the Goyang apartment market, recently new housing in Deogyang—Deogeun, Hyangdong, Jichuk, Samsong—close to Seoul has been driving price gains.
Ilsan's weakness is pronounced in older apartment complexes around 30 years since completion. Exclusive 84㎡ units in Hugok, Gangseon, and Munchon Villages in Ilsanseo District have recently seen transactions mainly in the 400 million–600 million won range. Older complexes in Madu, Baekseok, and Jungsan-dong in Ilsandong District are staying in similar price bands. Some complexes are changing hands at prices 20%–30% below the peaks recorded in 2021–2022.
New complexes around KINTEX and Janghang-dong are relatively holding the line on prices. KINTEX One City and Forena KINTEX, close to the Metropolitan Express Railway (GTX)-A KINTEX Station, are maintaining higher price levels than Ilsan's existing older complexes. An 84㎡ exclusive unit at KINTEX One City recently saw a transaction in the 1.3 billion won range.
However, the strength of new builds in the KINTEX station area is not spreading to existing residential areas such as Juyeop, Madu, and Hugok. While demand is clustering in new complexes near GTX-A, older complexes farther from stations remain weak, widening the price gap between new and old even within Ilsan.
Deogyang District is showing the opposite trend. An 84㎡ exclusive unit at DMC Hangang Hoban Summit in Deogeun-dong recently saw transactions in the 1.0 billion–1.1 billion won range, and mid-to-large units in nearby complexes changed hands in the 1.4 billion won range. In Jichuk District, 84㎡ exclusive units are priced in the 800 million–1.0 billion won range, and in Hyangdong District, in the 700 million–900 million won range.
Behind Deogyang District's relative strength are new dwellings and access to Seoul. In Ilsan, large, older complexes that moved in during the early 1990s make up a substantial portion of the housing market. By contrast, Deogyang District has a succession of housing sites—Samsong, Wonheung, Jichuk, Hyangdong, and Deogeun—developed over the past decade or so. Adjacent to Eunpyeong and Mapo Districts, it is also relatively convenient to reach major job centers in Seoul such as Gwanghwamun and Sangam.
The effect of the GTX-A opening is not spreading across all of Ilsan either. With the section connecting Unjeong Jungang Station and Seoul Station opened, train travel time from KINTEX Station to Seoul Station has been cut to 16 minutes. However, price gains are concentrated in new complexes near KINTEX Station and Daegok Station. Some note that because the link to Samseong Station has not yet been completed, the improvement in access to Gangnam has not fully materialized.
The first-phase new town redevelopment project is also still in its early stages. Goyang is supporting the establishment of special maintenance plans centered on three leading districts in Ilsan—Baeksong, Hugok, and Gangchon. Although experts and relevant departments are holding preliminary consultations on draft plans prepared by residents, procedures such as resident consent and business feasibility reviews remain before an actual special maintenance zone designation and project implementation.
Park Hapsu, an adjunct professor at Konkuk University Graduate School of Real Estate, said, "Ilsan has weaker access to Seoul, especially Gangnam, and lacks the self-sufficiency to create jobs within the area like Pangyo," adding, "Baseline floor area ratios for redevelopment have limits in fully securing profitability, so expectations for price gains have not spread significantly even after selection as leading districts." Park continued, "If GTX-A is connected to Samseong Station, access to Gangnam can improve greatly," and said, "Ilsan's housing demand and home prices can recover together only if advanced industries and jobs are attracted around Daegok Station and redevelopment profitability is enhanced."