Areas Along the New Suwon Line See Rising Home Prices... Spotlight on 'Buksuwon Xi Rexvia'

Apartment Prices Rise Faster in Areas Affected by Shinsuwon Line, Further Increase Expected
Near Buk Suwon Station (Planned)... GS Construction Announces March Sale of ‘Buk Suwon Xi Rexvia’

The rise in housing prices in the area where the Indeokwon~Dongtan double-track railway (Shin Suwon Line) is being laid is remarkable. This is because it allows quick access to major metropolitan areas in the Seoul metropolitan area and is connected to Seoul accessibility. In particular, the increase is significant in apartments directly affected, such as those in Jangan-gu, Suwon, and Dongan-gu, Anyang.

In fact, in Jangan-gu, where the Shin Suwon Line's Buk Suwon Station (planned) is located, the price increase rate of apartments directly affected exceeds the overall increase rate of Jangan-gu. According to KB Live On, the average apartment price per 1㎡ in Jangan-gu, Suwon, rose from 3.19 million KRW in January 2020 to 4.06 million KRW in January 2021, an increase of 27.3%. The ‘Suwon Jangan Hillstate’ apartment near Shin Suwon Station rose 33.1% during the same period, and ‘Suwon Jangan STX Kan 1 Complex’ increased by 31.5%, both higher than the overall rate for Jangan-gu.

The same applies to Hogye Intersection in Dongan-gu, Anyang, where Shin Suwon Station will pass. The average apartment price per 1㎡ in Dongan-gu rose from 5.15 million KRW to 6.51 million KRW during the same period, a 26.4% increase. Nearby planned sites such as ‘Pyeongchon The Sharp I-Park’ and ‘Hogye 2nd Hyundai Hometown’ rose 31.4% and 41.5%, respectively, exceeding the overall increase rate of Dongan-gu.

The Shin Suwon Line, which is attracting high demand, is a project connecting 18 stations over a length of 37.1 km between Indeokwon, Suwon, and Dongtan to improve transportation in the southwestern Seoul metropolitan area. It is scheduled to open in 2026, and once opened, it is expected to connect with several lines such as Subway Line 4 and the Shinbundang Line, allowing rapid travel to Sadang Station, Gangnam Station, and more.

The area around the planned Shin Suwon Line, which has not yet started construction, is also expected to see further housing price increases. In fact, looking at the housing price increase rates, areas along the GTX-A line of the Seoul Metropolitan Area Express Railway rose more at the time of construction start than when the preliminary feasibility study was passed. Yongin City is an example. According to the Korea Real Estate Board, the average apartment price in Yongin rose 3.13% from 394.22 million KRW in December 2018, when GTX-A line construction began, to 406.56 million KRW in January 2019, within one month. This is higher than the 1.34% increase from 358.38 million KRW in November 2017, when the preliminary feasibility study was passed, to 363.18 million KRW in December 2017.

Real estate experts say, “Apartments near Seoul in the metropolitan area where large-scale metropolitan railway projects are planned rise more than apartments with other development prospects because commuting to Seoul becomes easier after opening.” They added, “The Shin Suwon Line, a metropolitan railway project with a budget of 2.719 trillion KRW, will be an important development prospect that determines whether housing prices rise not only at the start of construction but also after opening.”

As apartments near the planned Shin Suwon Line attract attention, GS Construction is drawing focus with ‘Buk Suwon Xi Rexvia,’ a redevelopment project in Suwon City. The complex consists of 21 buildings with a total of 2,607 units, ranging from two basement floors to a maximum of 29 floors above ground. The general sale units, ranging from 48 to 99㎡, total 1,598 units and are scheduled for sale in March.

Buk Suwon Xi Rexvia is within walking distance of Buk Suwon Station on the Shin Suwon Line, planned to open in 2026. The surrounding area has abundant development prospects, with a total of about 8,000 new apartment units planned in Buk Suwon, including the 2,607 units of Buk Suwon Xi Rexvia, Pajang-dong, and Imok District (Edu Town). Especially, the planned Imok District will be a specialized education town with kindergartens, elementary schools, public libraries, and academies.

The location conditions are also favorable. Nearby is Sungkyunkwan University Station on Subway Line 1, and the area is well connected with major transportation networks such as Gyeongsu-daero (National Road No. 1), Yeongdong Expressway (Buk Suwon IC), and Gwacheon-Bongdam Urban Expressway. Schools within walking distance include Pajang Elementary, Dasol Elementary, Cheoncheon Elementary, Cheoncheon Middle, and Cheoncheon High School, and the famous Jeongja-dong academy district in Suwon is also nearby, providing a good educational environment.

Traditional markets such as Buk Suwon Market and large marts like Homeplus and Lotte Mart are nearby, and Starfield Suwon near Hwaseo Station is scheduled to open in 2024. The abundance of nearby parks such as Jeongja Park and Manseok Park is also an advantage. In particular, Manseok Park, centered around Manseok Reservoir (formerly Ilwang Reservoir), offers walking trails, a central lake park, tennis courts, gateball courts, soccer fields, and multipurpose sports fields.

Meanwhile, the name ‘Rexvia’ used for the Buk Suwon Xi Rexvia complex is a compound of the Latin words ‘Rex,’ meaning king, and ‘Via,’ meaning road. It refers to the road King Jeongjo of the Joseon Dynasty traveled when he visited Suwon.

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