High Demand for Residential Properties Adjacent to Seoul and Bordering Areas Near Seoul
This year, the average apartment sale price per pyeong (3.3㎡) in Seoul has exceeded 30 million KRW, making the so-called ‘Seoul-adjacent areas’ popular. These areas are close enough to Seoul to easily enjoy its infrastructure, yet have lower apartment prices than Seoul, easing the burden on actual buyers.
According to data from Real Estate 114, the average apartment sale price per 3.3㎡ in Seoul in September was 32.02 million KRW. It was 29.86 million KRW in January this year but rose to 30.14 million KRW in February, surpassing 30 million KRW. The district with the highest apartment prices is Gangnam-gu at 56.87 million KRW per 3.3㎡, while the lowest is Jungnang-gu at 17.4 million KRW per 3.3㎡.
The same applies to pre-sale prices. According to Real Estate 114, the average pre-sale price of private apartments in Seocho-gu, Seoul, was 47.03 million KRW in 2020. In contrast, Gwacheon-si, Gyeonggi-do, which borders Seocho-gu, showed a price difference close to half, at 24.09 million KRW.
As a result, more buyers are turning their attention to Seoul-adjacent areas that share Seoul’s living zone and offer easy access to major business districts within Seoul.
In fact, Seoul-adjacent areas have shown excellent subscription results in the pre-sale market. According to the Korea Real Estate Board, the ‘Sanseong Station Xi Prugio’ (scheduled for occupancy in October 2023), which held subscription applications last August, attracted 10,754 applications for 371 general supply units, showing an average competition rate of 29 to 1.
‘DMC River City Xi’ located in Deogyang-gu, Goyang-si, Gyeonggi-do (scheduled for occupancy in December 2022), also recorded a competition rate of 15.6 to 1 with 5,459 applications for 350 general supply units during its pre-sale in May.
Accordingly, in October, a large-scale mixed-use residential complex (MXD) ‘Byeollae Xi The Star’ will be offered in the Byeollae Housing Development District, Namyangju-si, Gyeonggi-do. The first residential complex in Mixed Block 1 of Byeollae Xi The Star consists of 5 apartment buildings from basement level 3 to 46 floors above ground, with a total of 740 units of exclusive areas 84㎡ and 99㎡, and one officetel building from basement level 3 to 26 floors above ground, with a total of 192 units of exclusive areas 47㎡ and 49㎡. Byeollae New Town borders Nowon-gu, Seoul, and via Byeollae Station on the Gyeongchun Line, it takes 4 stops to Sangbong Station on Line 7 and 7 stops to Cheongnyangni Station on Line 1.
Additionally, Byeollae Station is included in the planned extension of Subway Line 8 (Byeollae Line, planned) and the GTX-B line. The Byeollae Line, with a total length of 12.9 km, starts from Amsa Station on Line 8 in Gangdong-gu, Seoul, passes through Guri Station on the Jungang Line, the Agricultural and Marine Products Wholesale Market, and Dasan District, connecting to Byeollae Station (Gyeongchun Line). Once the Byeollae Line opens, it will take only 10 stops to reach Jamsil Station without transfers.
The GTX-B line connects Incheon Songdo to Maseok in Namyangju, including major areas such as Sindorim, Yeouido, and Yongsan Station. According to the preliminary feasibility study, it is expected to take about 11 minutes and 3 stops from Byeollae Station to Seoul Station. Accordingly, when Byeollae Station on the Gyeongchun Line transforms into a triple transfer station connecting the Gyeongchun Line, Line 8, and GTX-B line, accessibility to major Seoul areas such as Gangnam and Jamsil is expected to improve.
For Byeollae Xi The Star apartments, first-priority subscription is available from all areas in the metropolitan area, and there are also lottery-based units, allowing buyers with low scores to apply. For officetels, no subscription savings account is required, and anyone aged 19 or older can apply without any special subscription conditions such as re-winning restrictions.
A sales official said, “Byeollae Xi The Star is located in a general commercial district, allowing residents to enjoy living infrastructure, and when large-scale retail facilities are developed in the future, convenience for residents will improve through slipper-zone living.” He added, “Byeollae New Town has already been considered an area with excellent access to Seoul, and it is expected to develop further with transportation benefits such as GTX and Line 8 extension.”
Byeollae Xi The Star is currently operating a promotional center on Byeollae 2-ro, Namyangju-si, Gyeonggi-do, and the model house is scheduled to open in October.
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