Average apartment prices in Gyeonggi Province have risen more than 7% so far this year, adding about 47.26 million won to the price of an apartment with a gross floor area of 112 square meters, which corresponds to an exclusive area of 84 square meters, the size most commonly sought by Korean buyers. Gwangmyeong, Seongnam, Yongin and Hwaseong in the southern part of the province led the gains.
The average price per 3.3 square meters for apartments in Gyeonggi Province stood at 20.33 million won as of September, up 1.39 million won, or 7.3%, from 18.94 million won at the end of last year, according to data released by Real Estate R114 on the 14th. Applied to an apartment with a gross floor area of 112 square meters, that works out to a gain of about 47.26 million won over nine months.
By city, Gwangmyeong posted the steepest increase at 16.2%. Seongnam rose 11.7%, Anyang 11.3%, Yongin 11.1%, Hanam 10.9% and Hwaseong 10.7%, all double-digit gains. The six cities with the largest increases all lie south of the Han River. Uiwang, up 9.9%, and Suwon, up 8.6%, also outpaced the provincial average. North of the river, only Guri, at 9.1%, beat the average.
At the district level, Dongtan in Hwaseong stood out. The average price per 3.3 square meters in Dongtan climbed 15.6% to 27.7 million won in September from 23.96 million won at the end of last year. For a unit with a gross floor area of 112 square meters, that amounts to an increase of about 127.16 million won. Suji in Yongin rose 15.4%, Dongan in Anyang 12.6%, and in Seongnam, Jungwon gained 12.0%, Bundang 11.7% and Sujeong 11.4%. Paldal in Suwon rose 10.7% and Yeongtong 10.2%.
Industry officials point to access to Gangnam and a deep pool of local jobs as the main reasons for the price gains in southern Gyeonggi. Housing demand has flowed into Gwangmyeong, Seongnam and Yongin, which are linked to Seoul's Gangnam area by rail and road, while Yongin and Hwaseong, home to clusters of semiconductor industrial complexes, have drawn additional demand from workers seeking homes near their jobs. "Price gaps in the Gyeonggi housing market are emerging along the lines of access to Gangnam and local employment conditions," one industry official said. "This year, positive news tied to the semiconductor industry has fed the rally in key areas such as Dongtan in Hwaseong and Suji in Yongin."
New apartment supply is also continuing in southern Gyeonggi. Lotte E&C plans to launch Hwaseong Hyangnam Lotte Castle Signature in Hyangnam, Hwaseong, this month. The complex will consist of 17 buildings ranging from three basement levels to a maximum of 29 floors above ground, with 1,542 units in sizes from 84 to 120 square meters. It will have access to Hyangnam Station on the Seohae Line, and projects to extend the Shin-Ansan Line and to connect the Seohae Line with the Gyeongbu high-speed line are under way. Separately, Acmere Dongtan, built by POSCO E&C, is scheduled to go on presale this month, while GS E&C plans to develop Armusee Xi on the site of the former Homeplus Ansan store in Seongpo-dong, Sangnok District, Ansan.