Capital Region Housing Prices Diverge Along Transportation Networks... Siheung and Uiwang 'Stirred', Gimpo's Upward Trend Slows

According to the Metropolitan Transportation Plan, the Seoul Capital Area sees mixed fortunes
Housing prices soar in Siheung and Uiwang due to transportation benefits like Shinguro Line and GTX-C
Apartment prices in Gimpo stall after GTX-D line reduction announcement... 'Disappointment sales' increase

On the 30th, residents near Gimpo, including the Pan-Citizen Emergency Countermeasures Committee, held placards at a press conference in front of the National Assembly, requesting the direct connection of GTX-D to Gangnam and urging traffic measures for the western region. [Image source=Yonhap News]

[Asia Economy Reporter Ryu Tae-min] The real estate market in the Seoul metropolitan area is experiencing mixed fortunes due to transportation benefits such as the metropolitan transportation network. Sin-gu-ro Line and the expectation of stops on the GTX (Great Train Express) C Line have benefited Siheung and Uiwang, where housing prices are soaring and setting new records daily. On the other hand, in Gimpo, residents are strongly opposing the GTX D Line plan, which failed to connect to Seoul's Gangnam area. In particular, disappointment over the route reduction announcement has led to a slowdown in housing price increases and an increase in disappointed listings.

Siheung and Uiwang Stirred by Expectations of ‘Sin-gu-ro Line Construction and GTX-C Stops’

According to the Korea Real Estate Board on the 22nd, apartment prices in Siheung, Gyeonggi Province, rose by 0.86% in the third week of May. Although the increase was smaller than last week (0.90%), it remains the highest nationwide by city/province standards. Siheung is considered one of the biggest beneficiaries of the 4th railway network plan. The announcement of the new Sin-gu-ro Line connecting Siheung and Mok-dong has been warmly welcomed by residents of Siheung, who were previously in a railway transportation blind spot. In addition, various transportation benefits such as the opening of the Shinansan Line and the 2nd Gyeongin Line, as well as growing expectations for various infrastructure developments, are evident.

The asking price for a 76㎡ (exclusive area) apartment at ‘Siheung Central Prugio’ in Daeya-dong is around 1.1 billion KRW. This is nearly 500 million KRW higher than the actual transaction price of 670 million KRW in February. A representative from real estate agency A in Daeya-dong said, “Recently, due to news that the Sin-gu-ro Line will be built, more people are trying to buy houses here, but homeowners are withdrawing listings due to expectations of rising housing prices.”

Uiwang, Gyeonggi Province, which is promoting the double-track railway (Wolpan Line) connecting Wolgot and Pangyo and the GTX-C Line stop, is also in a highly excited mood. The apartment price increase rate in the third week of May was 0.69%. This is more than twice the Gyeonggi Province average (0.31%) and the second highest nationwide after Siheung. Apartment prices in Uiwang rose 17.89% this year, ranking first nationwide.

Gimpo Frowns Over ‘Half-Hearted Transportation Benefits’

On the other hand, Gimpo City in Gyeonggi Province is ‘frowning’ as the GTX-D Line is reduced. Contrary to previous expectations, the GTX-D Line will not connect to Gangnam but will only run from Gimpo Janggi Station to Bucheon Sports Complex Station, as confirmed in the metropolitan area wide transportation basic plan and implementation plan.

Looking at statistics from the Real Estate Board, the apartment price increase rate in Gimpo fell to 0.01% in the third week of May. This is a significant change compared to the rise to 0.24% until February. The apartment price increase rate in Gimpo this year was 2.26%, the lowest in the Gyeonggi area.

Since the announcement of the GTX-D Line reduction, ‘disappointed listings’ have increased due to concerns about falling housing prices. According to the real estate information platform ‘Apartment Actual Transaction Price,’ as of the 17th, the number of apartment sale listings in Gimpo was 5,459, an increase of 303 listings (5.8%) compared to a month ago. In contrast, during the same period, the total apartment sale listings in Gyeonggi decreased by 5,499 listings (4.9%).

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