Rising apartment prices in southern Gyeonggi Province are spreading beyond Dongtan in Hwaseong to nearby areas such as Byeongjeom. As the semiconductor boom drives up home prices in major residential areas including Dongtan, Yeongtong in Suwon and Bundang in Seongnam, gains are now standing out in surrounding areas where prices are relatively more affordable. In Byeongjeom District of Hwaseong, apartments of about 84 square meters in exclusive floor area have passed 1 billion won, and the district posted the highest weekly price increase in Gyeonggi Province.
Apartment prices in Byeongjeom District rose 0.65% from the previous week, according to weekly apartment price data for the third week of October, based on the 19th, released by the Korea Real Estate Board on the 22nd. That was the largest gain among major cities, counties and districts in Gyeonggi Province, and the increase widened by 0.09 percentage points from the prior week's 0.56%. Dongtan District saw its gain narrow to 0.57% from 0.66% over the same period, ceding the top spot to Byeongjeom.
High-priced deals have been piling up at major apartment complexes around Byeongjeom. An 84-square-meter unit at Byeongjeom Station I'Park Castle in Byeongjeom-dong, Hwaseong, changed hands for 1.03 billion won on the 1st of this month, a record high for that size. That was 130 million won more than the 900 million won paid for a unit of the same size on the 20th of last month. Another unit of the same size sold for 1 billion won on the 12th of this month. Completed in 2021, the 2,666-unit complex sits next to Byeongjeom Station on Seoul Metropolitan Subway Line 1.
An 84-square-meter unit at Banjeong I'Park Castle Complex 4 in Banwol-dong also sold for 970 million won on the 13th of this month, a 14th-floor unit that topped the previous high of 950 million won. Around Byeongjeom as well, the upper end of the price range is climbing, led by newly built large complexes.
Other parts of southern Gyeonggi Province also posted strong gains. Dongan District in Anyang rose 0.56%, Gunpo 0.53% and Uiwang 0.47%. Yeongtong District in Suwon, up 0.52%, and Bundang District in Seongnam, up 0.53%, saw smaller gains than the previous week but remained at high levels. In Osan, which borders Byeongjeom, the increase widened to 0.24% from 0.13%.
Cumulative gains this year also show clear strength in major areas of southern Gyeonggi Province. Dongtan District in Hwaseong has risen 20.83% since February, when separate data began to be compiled for the district, while Yeongtong District in Suwon gained 16.80%, Bundang District in Seongnam 16.63% and Dongan District in Anyang 16.45%, all double-digit increases. Analysts say housing demand fueled by the semiconductor boom, combined with the price burden in areas that have already run up, is pushing gains outward into adjacent areas.
Still, the overall increase in Gyeonggi Province apartment prices slowed to 0.21% from 0.26% the previous week. Some areas declined, including Icheon, down 0.22%, and Anseong, down 0.11%, leaving a clear gap between regions within the province.
Seoul apartment prices also lost some momentum. Prices in the capital rose 0.13% this week, a smaller gain than the previous week's 0.16%. Seongbuk District and Seodaemun District tied for the largest increase at 0.36% each, followed by Jung District at 0.35%, Dobong District at 0.33% and Jungnang District at 0.31%. The three Gangnam districts kept falling, with Gangnam down 0.31%, Seocho down 0.32% and Songpa down 0.13%.