As the Road to Seoul Opens, Housing Prices Soar~ Positive Prospects for Sale Complexes like 'Yangju Okjeong Yurim Norway Forest'

▶With the opening of the Seoul-bound railway line, daily life becomes more convenient and housing prices continue to rise, bringing a 'favorable breeze' to the sales and leasing markets

There is growing interest in regions where new railway lines that will drastically reduce travel time to Seoul are opening. This is because improved transportation conditions make life more convenient, and the opening of railways significantly impacts housing prices.

According to data from Real Estate 114, in Gangneung City, Gangwon Province, where the Gyeonggang Line (KTX) connecting Seoul and Gangneung was opened, the apartment sale price per 3.3㎡ was 5.42 million KRW in January 2017, but rose to 5.54 million KRW in December 2017 when the railway opened, and further increased to 5.75 million KRW in January 2018.

Apartment sale prices near Gurae Station, where the Gimpo Urban Railway connecting Seoul and Gimpo City, Gyeonggi Province, opened in September 2019, are also on the rise. According to the Ministry of Land, Infrastructure and Transport’s actual transaction prices, ‘Hoban Verdiem The Lake Phase 2’ located in Gurae-dong, Gimpo City, had an 84㎡ unit priced at 390 million KRW (8th floor) in February 2019, but after the opening, it was traded at 445 million KRW (8th floor) in January 2020, showing a price increase of 55 million KRW within a year.

As a result, demand is focusing on the new railway lines to Seoul, such as the Metropolitan Area Express Railway and the East-West High-Speed Railway.

The Metropolitan Area Express Railway is a railway line that radially connects the outskirts of the metropolitan area to Seoul Station, Cheongnyangni Station, and Samseong Station in downtown Seoul within 30 minutes. Lines A, B, and C are currently being promoted. Line A, the first to start construction, connects Dongtan, Samseong, and Paju. Line B connects Maseok, Seoul Station, and Songdo, and passed the preliminary feasibility study last year. Line C connects Yangju, Samseong, and Suwon, and the basic plan is currently being established.

The East-West High-Speed Railway is a project to extend the existing Gyeongchun Line from Yongsan, Seoul to Chuncheon, Gangwon Province, all the way to Sokcho. Once this line opens, it will be possible to travel from Sokcho to Yongsan, Seoul in just 75 minutes. New stations will be built in five areas including Hwacheon, Yanggu, Inje, and Sokcho. Gangwon Province has finalized the total project cost for the East-West High-Speed Railway and plans to officially announce the basic plan next month. Construction is scheduled to begin in 2021, with completion targeted for 2026.

In fact, housing demand is concentrated in areas where the Metropolitan Area Express Railway and East-West High-Speed Railway are scheduled to open, with active apartment sales transactions and a favorable atmosphere in the pre-sale market.

Last year, Incheon Songdo International City also saw a hot pre-sale market thanks to the GTX-B Line. Right after the B Line passed the preliminary feasibility study, ‘Songdo The Sharp Prime View’ and ‘Songdo The Sharp Central Park Phase 3’, which launched sales in September last year, recorded first-priority subscription competition rates of 122.63 to 1 and 115.37 to 1, respectively.

In Sokcho City, Gangwon Province, considered the biggest beneficiary of the East-West High-Speed Railway, apartment sales transactions increased by 45% from 1,040 cases in 2018 to 1,508 cases in 2019, when the environmental impact assessment consultation was completed and the project gained momentum.

This year’s pre-sale market is expected to see new supply complexes in areas accessible by the Metropolitan Area Express Railway and East-West High-Speed Railway, benefiting from these railway developments.

▶ Pre-sale complexes in areas where the Metropolitan Area Express Railway will open

Yurim E&C Co., Ltd. will announce the winners of ‘Yangju Okjeong Yurim Norway Forest’ located in Block A-20(1) of Okjeong New Town, Yangju, Gyeonggi Province, on the 27th. ‘Yangju Okjeong Yurim Norway Forest’ consists of 14 buildings, 1,140 households, ranging from 72 to 84㎡ in exclusive area, with 2 basement floors and 35 floors above ground. Thanks to the GTX-C Line’s Deokjeong Station (planned), it is convenient to travel to Cheongnyangni, Samseong, and Yangjae. With the start of construction of Seoul Subway Line 7’s Okjeong Station (planned) in December last year, it will also be possible to travel to Gangnam-gu Office, Hakdong, Nonhyeon, and other Gangnam areas without transfers. The complex offers a 4Bay slab-type structure for all households and a three-sided balcony extension (except for 72㎡ units) in a small-to-medium-sized expanded floor plan. It is within walking distance to kindergartens, elementary, middle, and high schools (including those planned to open). ‘Yangju Okjeong Yurim Norway Forest’ offers a fixed first deposit of 10 million KRW, 60% of the intermediate payment interest-free, and pre-sale rights can be traded before registration.

Hyundai Construction plans to sell ‘Hillstate Songdo The Sky’ in Block B2 of District 1, Songdo International City, Yeonsu-gu, Incheon, in February. The complex consists of 6 buildings (including 1 officetel building), with 1,205 apartment units ranging from 84 to 175㎡ exclusive area, and 320 residential officetel units of 59㎡ exclusive area, totaling 1,525 households. The complex benefits from the GTX-B Line and is located near the International Business District Station on Incheon Subway Line 1.

ETECH Construction plans to supply ‘Unjeong Hosu Park Terrace The Live’ in the area of 1411 Wadong-dong, Paju, Gyeonggi Province, in February. This terrace house complex consists of 11 buildings, 186 households ranging from 85 to 124㎡ exclusive area, with 1 basement floor and 4 floors above ground. The planned Unjeong Station of the GTX-A Line is nearby, and the Gyeongui-Jungang Line’s Unjeong Station is within walking distance. Unjeong Hosu Park is right in front, allowing terrace views of the lake park.

▶ Pre-sale complexes in areas where the East-West High-Speed Railway will open

HDC Hyundai Development Company will open the model house for ‘Sokcho 2nd I-Park’ located in 415 Joyang-dong, Sokcho City, Gangwon Province, on the 21st. The complex will consist of 6 buildings, 578 households ranging from 79 to 156㎡ exclusive area, with 2 basement floors and 29 floors above ground. The East-West High-Speed Railway’s Sokcho Station (planned) will open nearby, and a 0.72㎢ scale Sokcho Station area development project including a complex transfer facility, seafood cluster, and residential complex is planned. The residential environment is pleasant with proximity to Cheongdaesan Mountain, Cheongcho Stream, and Cheongcho Lake Park Expo Lawn Plaza, and some units offer views of Seoraksan Mountain, Cheongcho Lake, and the East Sea.

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