[Report] "Jamsil is Closer" Hanam Sinjang Housing Prices Soar with Line 5 Extension

‘Hanam Line’ Double-Track Subway Fully Opening on 27th at Sinjang District
“30 Minutes to Jamsil... Increased Urban Accessibility Attracts Real Demand”
The Sharp Central View & Pungsan I-Park Phase 1 Jump 200 Million KRW in Half a Year
Nearby Complexes Near 1 Billion KRW... Positive Impact from Hanam City Hall Station 3-Line Extension

[Hanam=Asia Economy Reporter Ryu Tae-min] "Once the extension line opens, Jamsil will be just 30 minutes away. The transportation and residential environment are better than most outskirts of Seoul, so its popularity is bound to increase." (Representative of A Real Estate Agency in Sinjang-dong, Hanam-si, Gyeonggi Province)

On the afternoon of the 24th, it took the reporter just over an hour to arrive at the central commercial district of Sinjang District, Hanam-si, Gyeonggi Province, by city bus from Seoul Jamsil Station. Lee Soo-min (39), a resident who has lived here for five years, said, "Until now, the subway had not been opened, so it was very inconvenient to go to central Seoul areas like Gangnam."

Residents in the Sinjang District area visited that day welcomed the full opening of the Seoul Subway Line 5 extension section, the 'Hanam Line,' scheduled for the 27th of this month. Using the subway will shorten the travel time to Jamsil Station to just about 30 minutes, and commuting to the Gangnam Station area will be possible within 50 minutes.

Recently, this expectation has been fully reflected in housing prices. The sale prices of new apartments near the newly established Hanam City Hall Station and Hanam Geomdansan Station have risen sharply, with some complexes surpassing the apartment prices in the outskirts of Seoul. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 84.99㎡ (exclusive area) unit in Hanam Union City Aileen's Garden was traded for 1.067 billion KRW last month, marking the first time a small-to-medium-sized apartment in the area exceeded 1 billion KRW. This complex is located within 500 meters of the newly established Hanam Geomdansan Station.

Similarly, an 84.94㎡ unit in Hanam The Sharp Central View near Hanam City Hall Station was traded for 1.01 billion KRW last month, setting a new record price. Considering that it was traded in the high 700 million KRW range as recently as August last year, the price has risen by more than 200 million KRW in just half a year. The 84.96㎡ unit in Hanam Pungsan I-Park Complex 1 also saw a price increase of 150 million to 200 million KRW during the same period, approaching the 1 billion KRW mark.

Prices of older apartments have also risen accordingly. For example, an 84.83㎡ unit in Daemyeong Riverside Town, which was occupied in 2007, was traded for 900 million KRW in January, increasing by about 150 million to 200 million KRW compared to six months ago. The 84.96㎡ unit in Changwoo Dream Hill Sinan also recorded a new high price of 800 million KRW last month.

A representative from B Real Estate in the area said, "Many end-users are flocking due to the news of the Line 5 extension opening," adding, "If the extension project of Line 3 to Hanam City Hall Station is confirmed, the future value is expected to rise even further."

Ham Young-jin, head of the Big Data Lab at Zigbang, explained, "In the case of Sinjang District, it is gaining popularity as accessibility to the city center improves due to successive transportation benefits," adding, "Not only have the Misa and Pungsan districts been developed nearby, but the entry of the Gyo-san New Town is also planned, so asset values are expected to continue rising."

This content was produced with the assistance of AI translation services.