Assemblyman Heo Jongsik: "Average Sale Price of Incheon Redevelopment and Reconstruction Up 35% in 3 Years"

Seoul 8.2%·Gyeonggi-do 26.3% Compared to Larger Increase
Bupyeong-gu Average Sale Price 19.47 Million Won... 1st in Incheon

Last year, the average sale price per pyeong of redevelopment and reconstruction complexes in the Incheon area was 17.93 million KRW, showing an increase of more than 30% over the past three years.

According to data received on the 5th from the Housing and Urban Guarantee Corporation (HUG) by Heo Jong-sik, a member of the Democratic Party of Korea (Incheon Dong-gu and Michuhol-gu Gap), the average sale price per pyeong for redevelopment and reconstruction in Incheon rose by about 4.69 million KRW from 13.24 million KRW in 2019 to 17.93 million KRW last year.

Comparing the price increases during the same period with redevelopment project prices in Seoul and Gyeonggi Province, the increase rates were 8.2% in Seoul, 26.3% in Gyeonggi, and 35.4% in Incheon, respectively. Although the sale prices in Incheon were lower than those in Seoul and Gyeonggi, the rate of increase was higher.

Looking at the average sale price per pyeong by district in Incheon, as of 2022, Bupyeong-gu was close to 20 million KRW at 19.47 million KRW, exceeding the Incheon average (17.93 million KRW). It was followed by Yeonsu-gu and Namdong-gu, with 18.49 million KRW and 18.19 million KRW respectively, both also above the Incheon average. Michuhol-gu and Dong-gu recorded 15.95 million KRW and 14.94 million KRW respectively, about 12.6% and 20.3% lower than the Incheon average.

Since redevelopment and reconstruction are not being promoted in the Incheon Free Economic Zones such as Songdo and Cheongna, it is difficult to apply this statistic as the average sale price for the entire Incheon area. However, according to experts cited by Heo’s office, it could be used as a basis for the promotion status and economic feasibility of redevelopment projects in areas outside the Free Economic Zones, namely the original urban areas of Incheon.

Heo stated, "The original urban areas have experienced hollowing out due to large-scale land development projects such as the Incheon Free Economic Zones in Songdo and Cheongna and the Geomdan New Town," and emphasized, "It is necessary to establish housing policies that can revitalize redevelopment projects in Incheon’s original urban areas and meet the demand of low-income households without homes."

Democratic Party of Korea Representative Heo Jong-sik

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