Seoul Residents Bought the Most Apartments in Gangwon-do Among Provinces

[Asia Economy Reporter Lee Chun-hee] Last year, among the apartments purchased by Seoul residents in provincial areas, the proportion of apartments in the Gangwon region was the highest. This is analyzed to be due to the expansion of various transportation networks, which has reduced not only physical distance but also psychological distance, and the increase in purchases of apartments as 'second houses' in places rich in green spaces or adjacent to the sea.

According to data analyzed by real estate market analysis firm Real Estate Info from the Korea Appraisal Board's 2019 apartment transaction status, a total of 2,372 apartments in Gangwon Province were purchased by Seoul residents last year. This is the highest figure among the 14 cities and provinces excluding Seoul and the metropolitan areas of Gyeonggi and Incheon out of the 17 cities and provinces nationwide. Chungnam ranked second with 1,986 cases, followed by Busan with 1,646, Gyeongbuk with 1,291, and Gyeongnam with 1,219.

Looking at the 18 cities and counties in Gangwon, Wonju City accounted for 630 cases and Sokcho City for 459 cases, together making up nearly half of the total transaction volume. This was followed by Chuncheon City with 355 cases, Gangneung City with 313 cases, and Pyeongchang County with 114 cases.

Land purchases by outsiders in Gangwon Province are also increasing. According to data from the Korea Appraisal Board, the total land sales transactions in Gangwon Province in the fourth quarter (October to December) last year amounted to 20,742 parcels. Of these, transactions by residents of Seoul and other regions accounted for 9,224 parcels, nearly half.

Real Estate Info team leader Kwon Il said, "With highways and railways connecting the metropolitan area, access to Gangwon Province is possible within about two hours, and it has a natural environment blessed with mountains and the sea, so interest in real estate in Gangwon Province is increasing. Also, the fact that there are almost no real estate regulations and prices are relatively low seems to be a contributing factor."

The opening of the Seoul-Yangyang Expressway in June 2017 and the opening of the Gyeonggang Line KTX in December are representative examples. In addition, the Chuncheon-Sokcho East-West High-Speed Railway project is scheduled to be completed in 2026, and the construction project of the 2nd Gyeongchun National Road connecting Namyangju, Gyeonggi to Chuncheon is also underway.

▲ Sokcho The Ocean Xi perspective (Provided by GS Construction)

According to Real Estate Info, a total of 5,820 households will be supplied in Gangwon Province this year. The supply volume in Wonju City and Sokcho City accounts for 5,244 households, most of the total. In Wonju City, Jeil Construction plans to supply 1,215 households of 'Wonju Innovation City Jeil Punggyeongchae Centum Foret' in block C4 of Wonju Innovation City next month. In Sokcho City, GS Construction plans to supply 454 households of 'Sokcho The Ocean Xi' this month, and Lotte Construction will also introduce 568 households of 'Sokcho Lotte Castle in the Sky' next month.