[Report] Despite the Opening Benefits of Byeollae Byeolgaram and Jinjeop Stations, Listings Are Frozen... "Only Inquiries Come, No Transactions Happen"

4ho-seon Extension Opening Banners Everywhere
Buyers Worried About Already Increased House Prices
Homeowners Have No Intention to Lower Asking Prices
Mutual Hesitation Amid Expectations of Regulation Easing

On the afternoon of the 4th, Jinjeop Station in Namyangju-si, Gyeonggi Province was visited. Apartment complexes stand tall near the station. A local real estate agent stated, "Although a new station has been established, property transactions are not active." Photo by Hwang Seoyul

[Asia Economy Reporter Hwang Seoyul] On the afternoon of the 4th, near Byeollae Byeolgaram Station and Jinjeop Station in Namyangju-si, Gyeonggi-do. Although banners celebrating the opening of the Line 4 extension were hung throughout the complex, only silence prevailed at the local real estate agencies (gongin). Local real estate officials unanimously said, "There are no sales transactions at all."

With the opening of Byeollae Byeolgaram, Onam, and Jinjeop Stations on the Line 4 extension, the travel time from the terminal Jinjeop Station to Seoul Station was reduced from about 2 hours to 1 hour. However, even these areas, which were expected to benefit from improved transportation, have not escaped the transaction cliff. According to the Ministry of Land, Infrastructure and Transport's actual transaction price statistics system, there were zero actual sales transactions at ‘Byeollae Byeolgaram Station Hallabibaldi’ in Byeollae-dong, Namyangju-si, Gyeonggi-do from January this year. Similarly, ‘Shinyoung Jiwel’ near Jinjeop Station has had no sales transactions since December.

Although inquiries from buyers have increased due to improved transportation conditions, these have not translated into actual transactions. Buyers seem hesitant due to already increased house prices, and most sellers are reluctant to lower their asking prices even if transactions do not occur. As a result, only urgent sales are being absorbed. This is a microcosm of the current phenomenon occurring in the metropolitan real estate market.

An apartment complex in Byeollae-dong, Namyangju, Gyeonggi Province. A banner celebrating the opening of Byeollae Byeolgaram Station on Line 4 is displayed at the main entrance of the complex.
Photo by Hwang Seoyul

However, there is a forecast that this phenomenon of frozen listings will not last long. Local real estate officials reported that buyers are hopeful for loan regulation relaxations, while sellers are optimistic about policies excluding them from heavy capital gains tax. President-elect Yoon Seok-yeol has pledged to ease LTV restrictions and postpone heavy capital gains tax, and last month, the Presidential Transition Committee requested the current government to temporarily exempt multi-homeowners from heavy capital gains tax. The steady demand for jeonse and monthly rent in the area indicates ongoing latent demand. As of the 4th, ‘Yedang Village Sinan Insville’ located in Jinjeop-eup, Namyangju-si, Gyeonggi-do, completed 11 lease contracts last month. The representative of real estate agency B near Jinjeop Station stated, "There is an elementary school nearby, and the subway to Seoul has opened, so the location is good and rental demand remains strong."

Yoon Sumin, NH specialist, said, "It seems both buyers and sellers are engaged in a waiting game due to timing uncertainties," adding, "If policies such as capital gains tax relief are implemented after President-elect Yoon's inauguration, the market could change significantly."

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