The rise in Seoul apartment prices is spreading to Gyeonggi complexes near subway stations with good access to Seoul. In Anyang, an exclusive 59 square meters at a 2004 move-in older apartment where no reconstruction project is underway was transacted at 900 million won for the first time. With record-high prices and short-term spikes continuing in Guri, Gwangmyeong and Yongin, buyers who can no longer afford Seoul home prices are turning to existing apartments in Gyeonggi.
According to the actual transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 27th, an exclusive 59.92 square meters at Jugong Tturanchae in Anyang-dong, Manan-gu, Anyang, Gyeonggi, saw the 20th floor trade at 900 million won on the 11th. This is the first time a 24-pyeong unit in this complex has hit 900 million won.
The same size was transacted at 850 million won on the 19th of last month and 835 million won on the 24th. The upper end of the transaction price rose by 50 million won in about three weeks. An exclusive 84.8 square meters also sold for 932 million won on the 18th, surpassing the previous high of 920 million won set last month.
Jugong Tturanchae is a 1,093-household complex that residents moved into in Nov. 2004. Its floor area ratio is high at 278%, and it has not yet reached the reconstruction age limit. With no separate reconstruction or remodeling push confirmed at present, it is cited as a price increase case distant from redevelopment expectations.
Cited as reasons for the price rise are the station-area location near Anyang Station and a lack of small to mid-size listings. From the complex, residents can walk to Anyang Station on Subway Line No. 1 and to the Anyangcheon stream. Anyang City is also pushing to add a transfer passage connected to the existing Anyang Station and a new additional exit toward Taepyeong-ro to coincide with the opening of the Wolgot-Pangyo Line.
The price baseline around Anyang Station is also rising. An exclusive 59.75 square meters at Raemian Anyang Megatria in Anyang-dong was transacted at 1.018 billion won on the 21st. An exclusive 59.94 square meters also changed hands at 972 million won. An exclusive 59 square meters at Anyang Station Hanyang Sujain River Park was transacted at 850 million won this month.
Record prices for older apartments also emerged in Guri, which borders the east side of Seoul. An exclusive 70 square meters at LG Woneang in Sutaek-dong was transacted at 950 million won in Apr., 130 million won higher than the 820 million won peak in 2021. An exclusive 60 square meters at Guri Woosung Hanyang in Gyo-mun-dong also set a new high at 830 million won the same month. As new-build prices jump, with an exclusive 84 square meters at e-Pyeonhansesang Inchang Urban Fore in Inchang-dong rising to 1.35 billion won, record highs are continuing at nearby older complexes as well.
Prices are also climbing in Gwangmyeong and Yongin. An exclusive 84 square meters at Gwangmyeong Prugio Forena rose from 1.135 billion won in Jan. this year to 1.4 billion won in Apr., up 265 million won in three months. An exclusive 84 square meters at Yongin The Sharp Dongcheon East Fore changed hands from 1.17 billion won in Apr. to 1.225 billion won in May.
According to the July third-week apartment price trends released on the 23rd by the Korea Real Estate Board (REB), Gyeonggi apartment sale prices rose 0.17% from the previous week. Although the rate of increase slowed from 0.21% the previous week, Seongnam Bundang-gu rose 0.58%, Yongin Suji-gu 0.50%, and Seongnam Jungwon-gu and Yongin Giheung-gu each 0.49%, showing continued strength in favored areas. Anyang Manan-gu also rose 0.28%, and Guri City rose 0.27%.
Purchases of Gyeonggi real estate by Seoul residents also increased. According to the court Registry Information Plaza, applications for transfers of ownership by sale for collective buildings in Gyeonggi by Seoul residents in the first half of this year totaled 22,632, up 37.2% from the same period last year. The share of Seoul residents in all collective-building purchases in Gyeonggi also rose from 11.0% to 13.5%.
Nam Hyeok-woo of the Woori Bank Real Estate Research Institute said, "It is not that the entire Gyeonggi region is rising simultaneously," adding, "With gains centered on areas with access to Seoul, proximity to stations and to workplaces, differentiation by area is appearing even within Gyeonggi."