House Prices Fluctuate with GTX... Kimpo and Incheon 'Protest' Route Reductions

Rising Housing Prices in Siheung, Ansan, Uiwang, and Incheon
Transportation Benefits Overlap, Increasing Growth This Year
GTX Effect... Clear Beneficiary Areas by Route
Rail Network Plans, GTX-D Reduction... Resident Opposition

[Image source=Yonhap News]

House prices in the Seoul metropolitan area, where transportation benefits such as the Metropolitan Area Express Train (GTX) are present, are fluctuating. Areas like Siheung, Ansan, Uiwang in Gyeonggi Province, and Incheon are attracting strong buying interest from both end-users and investors due to the perception that prices have risen relatively less compared to Seoul, combined with various transportation and development benefits. In some regions, apartment prices have already increased by more than 10% this year.

According to the Korea Real Estate Board on the 24th, apartment prices in the Seoul metropolitan area showed strength this week in places like Siheung (1.08%), Ansan (0.80%), and Uiwang (0.76%) in Gyeonggi Province. These areas have seen apartment prices rise by 10.61%, 11.33%, and 14.60% respectively since the beginning of this year. Considering that the apartment price increase rate in Seoul during the same period was 1.20%, this is a sharp rise.

In the case of Uiwang, the apartment price increase rate this year is among the highest nationwide. It is nearly three times the total increase rate of last year (4.49%). The development of double-track railways such as Wolgot-Pangyo (Wolpan Line) and Indeokwon-Dongtan (Indong Line) near Indeokwon Station, which is close to Uiwang, is attracting buying interest in Uiwang apartments. This area is benefiting from transportation measures in the southwestern part of the metropolitan area.

Ansan, located in the western part of the metropolitan area, is seeing soaring house prices due to the planned Sinansan Line and Ansan Jangsan District development project, as well as growing expectations for the GTX-C line. Apartment prices rose by 0.80% this week, expanding from 0.70% the previous week. In Siheung, following the 2·4 measures, the Gwangmyeong-Siheung district was designated as a 3rd New Town, leading to rising house prices centered around the Eungye District (including Eunhaeng-dong, Daeya-dong, Gyesu-dong, and Anhyeon-dong). The new Guro Line connecting Daeya in Siheung to Mok-dong is included in the new metropolitan railway, and house prices are expected to continue rising.

Apartment prices in Incheon are also rising sharply. Yeonsu District, where Songdo New City is located, has seen apartment prices increase by 10.54% this year. Seo District and Namdong District, home to Cheongna New City, recorded increases of 6.31% and 5.37%, respectively. Compared to Seoul and Gyeonggi Province, apartment prices have risen relatively less so far, and the development expectations such as the Second Gyeongin Line have contributed to concentrated buying interest.

However, there is analysis that the recent 4th National Railroad Network Plan barely reflected the GTX projects requested by local governments, which could affect house prices in the future. Although the plan includes the establishment of GTX-D, it only connects from Gimpo Janggi to Bucheon Sports Complex, causing strong opposition from local governments.

Originally, Gyeonggi Province requested that the western line be connected from Gimpo through Bucheon to Gangnam and Hanam, and Incheon City additionally proposed a 'Y-shaped' line that includes Incheon International Airport and Bucheon routes. Inside and outside the government, it is analyzed that since house prices have been overheating along the GTX lines recently, it would have been difficult to accommodate all requests from specific local governments.

In response, the Incheon Geomdan and Gyeonggi Gimpo Citizens Emergency Measures Committee strongly protested by holding placards reading 'Protect the original GTX-D Gimpo-Gangnam plan' in front of Gimpo City Hall. The Incheon Geomdan and Gimpo Hangang New Town General Association also plans to hold a picket protest in front of the Ministry of Land, Infrastructure and Transport on the 28th. The Ministry of Land, Infrastructure and Transport will finalize and announce the 4th railroad network plan in June. Although some lines may be revised based on preliminary feasibility study results, the possibility is considered low.

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