[Report] Kimpo Stirred by 'Seoul Annexation Debate'? "Just for the General Election... Doubtful Expectations"

Gimpo, Quiet Market Atmosphere Despite Push for Incorporation into Seoul
Residents "Concerned About Landfill... Skeptical of Election Promises"
Expect "Improved Traffic and Rising Housing Prices" if Incorporated into Seoul

"In Gimpo, Pungmu-dong is close to Seoul and has a large-scale newly built station-area complex with over 5,000 households, attracting market attention, yet there are hardly any purchase inquiries. Rather, in this area, the issue of extending Seoul Subway Line 5 seems to have a greater impact on housing prices than the incorporation of Gimpo into Seoul." (Representative A of a real estate agency near Pungmu-dong, Gimpo-si)

On the afternoon of the 1st, at an intersection in Pungmu-dong, Gimpo-si, Gyeonggi Province, a People Power Party banner with the message "Gyeonggi Bukdo, Gimpo-si is bad, Seoul Special City is good" caught the eye.
[Photo by Kwak Minjae]

On the afternoon of the 1st, at the intersection of the Pungmu District complex in Gimpo-si, Gyeonggi Province, there was a People Power Party banner stating, "Gyeonggi Northern Province in Gimpo is bad, Seoul Special City is good." Pungmu District is only 6 km in a straight line from Gangseo-gu, Seoul, making it a favorable location. Near Pungmu Station on the Gimpo Gold Line, there are newly built station-area complexes such as Pungmu Central Prugio (2,467 households) and Pungmu Prugio (2,712 households), along with convenience facilities, making it one of the beneficiary areas of the ruling party's proposed 'Mega City Seoul.'

However, although the real estate market in Gimpo was expected to stir due to the 'Mega City Seoul' benefit, the actual atmosphere on the ground was quiet. There were few purchase inquiries or movements to withdraw listings from real estate agents by homeowners. Despite the ruling party pushing for the incorporation of Gimpo-si into Seoul as a party policy, expectations for rising housing prices and transaction activation appeared low.

Local real estate agencies agreed that discussions about incorporating Gimpo-si into Seoul have a limited immediate impact on housing prices. Kim Mo (51), representative B of a real estate agency within the Pungmu Central Prugio complex, said, "In a favorable market atmosphere, it might act as a positive factor, but with high interest rates and tightened loan regulations causing transactions to slow, issues with low chances of immediate realization do not significantly affect the market." He added, "Purchase inquiries are only about 2 to 3 per day, and even those are not calls asking about the possibility of incorporation into Seoul," waving his hand dismissively.

The exterior view of ‘Pungmu Central Prugio’ in Pungmu-dong, Gimpo-si, Gyeonggi Province, visited on the afternoon of the 1st. Despite the ruling party's push for the ‘Mega City Seoul,’ the atmosphere in the nearby real estate market remained calm.
[Photo by Kwak Minjae]

Cho Mo (47), representative C of a real estate agency near Pungmu Station, said, "Since the government announced plans to extend Seoul Subway Line 5 to Gimpo, urgent sale properties of 84㎡ exclusive area in the high 500 million KRW range have long disappeared." He added, "Currently, asking prices range from the mid to high 600 million KRW to 700 million KRW, and since special home loan programs like the Special Bogeumjari Loan and Didimdol Loan are not available, actual transactions are very rare."

Apartment prices in Janggi-dong, where Gimpo Hangang New Town is located, have not shown significant changes since the incorporation debate. In fact, listings at lower prices than before have appeared. On the 1st, an online platform listed a 100㎡ exclusive area unit in Hangang Central Xi 2 Complex for 610 million KRW, which is lower than the 650 million KRW and 700 million KRW listings of the same size posted on the 27th and 28th of last month, respectively.

There are also voices expressing concern that if incorporated into Seoul, various undesirable facilities might be relocated to Gimpo. Choi Mo (47), a housewife living in Pungmu Prugio, said, "There are rumors within the complex that Seoul might install undesirable facilities such as waste landfills on the outskirts of Gimpo in exchange for incorporating Gimpo into Seoul." She added, "Many residents oppose incorporation fearing a drop in housing prices or think it is unlikely to be realized, considering it a move for election purposes."

Real estate experts also believe that until incorporation is confirmed, there will be little impact on sales prices or subscription. Ham Young-jin, head of the Zigbang Big Data Lab, said, "There are many hurdles to overcome before the incorporation of the area into Seoul becomes a reality, such as resident voting and local council decisions." He added, "Rather, in Gyeonggi Province, the promotion or opening of the Metropolitan Area Express Train (GTX) will have a greater impact on rents and sales prices." Yeo Kyung-hee, senior researcher at Real Estate R114, said, "The incorporation of Gimpo into Seoul is just being discussed now, so the expectation that housing prices will rise is just that?an expectation, and the immediate impact will be minimal."

However, inquiries have increased in some parts of Gimpo-si, such as Gochon-eup, which have attracted public attention. A representative of a real estate agency in Gochon-eup, Gimpo-si, said, "After the ruling party's announcement, interest in this area has increased, with purchase inquiries rising to seven per day." He added, "Especially, the pre-sale price for an 84㎡ exclusive area unit in Gochon Central Xi, which is about to be subscribed to, is set in the 700 million KRW range, while similar-sized units in nearby Castle & Famille City apartments are about 100 million KRW cheaper, attracting high interest."

There are also expectations that incorporation into Seoul would act as a positive factor for housing prices. This is based on the anticipation that transportation networks and infrastructure development would accelerate if Gimpo is incorporated into Seoul. Ko Jun-seok, CEO of J.Edu Investment Advisory, said, "If Gimpo is incorporated into Seoul, Seoul's substantial budget could improve transportation environments, such as increasing the number of trains on the Gimpo Gold Line, and enhance social infrastructure." He added, "Since Gimpo is already a newly developed city with a pleasant environment, if transportation and infrastructure improve, housing prices could rise even more than in the adjacent, underdeveloped areas of Gangseo-gu."

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