As the price gap between high- and low-priced dwellings in Gyeonggi apartments has widened to a record high, higher-priced transactions are also appearing in Gimpo, where the recovery had been relatively slow. Large quasi-new complexes around Pungmu Station on the Gimpo Gold Line are moving first. It is seen as reflecting expectations that, if the Seoul Subway Line 5 Gimpo–Geomdan extension passes through Pungmu Station, residents could use both lines.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 23rd, an 84-square-meter exclusive unit at Pungmu Central Prugio in Pungmu-dong, Gimpo, saw a 15th-floor unit change hands for 780 million won on the 8th. This follows a 13th-floor unit of the same layout sold for 758 million won on the 1st, marking another transaction in the high-700-million-won range.
Pungmu Central Prugio is a large complex of 2,467 households that began occupancy in 2018. Pungmu Station on the Gimpo Gold Line is within walking distance.
Last month, many transactions for this layout were in the low-700-million-won range. On the 22nd last month, a 14th-floor unit sold for 700 million won, and on the 30th, an 18th-floor unit transacted for 717 million won. Entering this month, a series of transactions above 750 million won has pushed recent transaction prices up a notch.
The gap with the 2021 peak has also narrowed. The highest transaction price for an 84-square-meter exclusive unit in this complex was 855 million won, recorded in Oct. 2021. The latest transaction price is 91.2% of the peak.
Upward transactions continued at nearby Pungmu Prugio as well. For the 84-square-meter exclusive layout in this 2,712-household complex that began occupancy in 2016, units sold this month for 713 million to 715 million won. In Pungmu-dong, quasi-new, large-scale complexes close to the station appear to be leading the price recovery.
Polarization by price range is deepening in the Gyeonggi apartment market. According to KB Real Estate, last month the average sale price of the top 20% of Gyeonggi apartments was 6.1 times that of the bottom 20%. This is the highest level since related statistics began in April 2013.
While an 84-square-meter exclusive unit at Dongtan Station Lotte Castle set a record price at 2.225 billion won in June, the same size at Hangang Central Blue Hill in the Gimpo Hangang New Town transacted for 375 million won this month. This illustrates the difference in recovery speed between some preferred areas in southern Gyeonggi and the west and north, including Gimpo and Paju.
Expectations for improved transportation are cited as the reason the Pungmu Station area is moving ahead of other parts of Gimpo. The Seoul Subway Line 5 Gimpo–Geomdan extension project passed the preliminary feasibility study in March. If the project proceeds according to the preliminary route plan, Pungmu Station will become a transfer station serving both the Gimpo Gold Line and Line 5. However, the detailed route and station locations will be finalized during the basic planning phase.
Interest in new offerings has also risen. Hoban Summit Pungmu III, supplied last month in the Pungmu Station area, drew 2,443 applicants for 266 units in the general supply, recording an average competition ratio of 9.2 to 1.
An official at a certified real estate agency in Pungmu-dong said, "Demand seeking quasi-new apartments available for immediate move-in is flocking to the large complexes around Pungmu Station," and noted, "The Line 5 extension and new supply in the Pungmu Station area have also heightened interest in this area."