As prices of major apartments in northeastern Seoul rise, more buyers are turning their eyes to Byeollae New Town in Namyangju, Gyeonggi. As the size and options of apartments that can be bought for 700 million to 800 million won in Nowon, Dobong and Gangbuk districts of Seoul shrink, buyers are looking to Byeollae, where an exclusive 84 square meters can be found on the same budget. Apartment transaction volume in Byeollae-dong rose 2.3 times from 61 in January this year to 140 in July.
An analysis of the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 4th showed that apartment sales in Byeollae-dong were counted at 61 in January this year, 57 in February, 67 in March, 87 in April and 86 in May. The increase then widened to 117 in June and 140 in July.
Transactions were concentrated in exclusive 84 square meters priced in the 600 million to 900 million won range. Exclusive 84 square meters at Byeollae IPark Phase 2 sold for 845 million won on the 2nd and 848 million won on the 6th of last month. Prices then hit the ceiling of 900 million won as separate transactions were made at 895 million won on the 12th and 900 million won on the 18th.
Complexes priced in the 700 million won range also changed hands steadily. Exclusive 84 square meters at ShinAn Insville traded between 750 million and 780 million won last month. Exclusive 84 square meters at Byeollae Prugio, which is relatively cheaper, sold for 630 million to 670 million won last month.
The increase in transactions was not limited to a few complexes. Over the past three months, there were 18 transactions at Byeollae Prugio and 15 at UmiLin Starforet. There were also 14 each at Ssangyong Yega and Byeollae IPark Phase 2, and 11 changed hands at ShinAn Insville.
Behind the rise in Byeollae transactions is the increase in apartment prices in northeastern Seoul. Exclusive 59 square meters at Mia-dong SK Bukhan Mountain City in Gangbuk District and at Jeongneung E-Pyunhansesang Phase 1 in Jeongneung-dong, Seongbuk District, surpassed 800 million won. Exclusive 84 square meters at Cheonggu Phase 3 and Geonyoung Phase 3 in Junggye-dong, Nowon District, and at Forena Nowon in Sanggye-dong top 1 billion won. It has become that much harder to find a large apartment in Seoul with 700 million to 800 million won.
Purchases of Gyeonggi apartments by Seoul residents are also increasing. According to the Korea Real Estate Board (REB), in the first half of this year, Seoul residents bought 15,149 apartments in Gyeonggi, up 46.1% from 10,368 in the first half of last year. Among Namyangju apartment buyers, the share of Seoul residents rose to 25.2% in the first quarter of this year, up 4.4 percentage points from the same period last year.
Improvements in transportation have also boosted Byeollae's competitiveness. With the opening of the Byeollae Line on Subway Line 8 in Aug. 2024, travel time from Byeollae Station to Jamsil Station was cut to about 27 minutes. That is why Byeollae is emerging as an alternative residential area to northeastern Seoul apartments for end users who commute to Jamsil, Songpa and Gangdong District.
An employee at a real estate agency in Byeollae-dong said, "Inquiries from buyers who first look for homes in Nowon and Gangbuk districts in Seoul and then cross over to Byeollae have increased," adding, "With around 800 million won, you can buy an exclusive 84 square meters in Byeollae, and many buyers view positively the fact that it has new town infrastructure and access to Seoul."