The Most Expensive Station Area for Housing Prices is Gubanpo Station... Sinmokdong Station Prices Soar 129% in 2 Years

[Asia Economy Reporter Lee Chun-hee] Among the areas near Seoul subway stations, the most expensive housing prices were found near Sinbanpo Station on Line 9. The area with the highest increase in housing prices over the past two years was Sinmokdong Station on Line 9.

According to the '2020 First Half Real Transaction Price Analysis' report prepared by Park Sang-hyuk, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, together with the Korea Urban Research Institute, the top-ranked subway station apartment price in the first half of this year was Sinbanpo Station on Line 9 in Banpo-dong, Seocho-gu, reaching 94.56 million KRW per 3.3㎡. The survey defined the subway station area as within a 500m radius of the station.

The area near Sinbanpo Station has formed high prices as apartments built through recent reconstruction projects have been continuously established. 'Acro Riverpark' (Sinbanpo 1st reconstruction), which was the first general apartment to exceed 100 million KRW per 3.3㎡, and 'Raemian Prestige,' which reconstructed Banpo Jugong 2nd complex, are located here, and 'Raemian One Bailey,' a reconstruction of Sinbanpo 3rd and Gyeongnam apartments, is also awaiting sale.

The second place was Hanti Station on the Suin-Bundang Line in Daechi-dong, Gangnam-gu, with a transaction price of 84.05 million KRW per 3.3㎡. Third place was Daemosan Entrance Station on the Suin-Bundang Line in Irwon-dong, at 83.54 million KRW.

Following these were ▲Sapyeong Station on Line 9 in Banpo-dong, Seocho-gu (81.01 million KRW) ▲Banpo Station on Line 7 in Jamwon-dong (80.24 million KRW) ▲Daechi Station on Line 3 in Daechi-dong, Gangnam-gu (79.60 million KRW) ▲Gubanpo Station in Banpo-dong, Seocho-gu (79.37 million KRW).

Apgujeong-dong 'Acro River Park' Apartment in Banpo-dong, Seocho-gu (Photo by Lee Chunhee)

All of these top 10 subway station apartments were located in Seocho-gu and Gangnam-gu. Compared to the first half of 2018, two years ago, rankings changed depending on the progress of nearby reconstruction projects.

Gubanpo Station was ranked first in 2018 but dropped to seventh this year. The price per 3.3㎡ only rose from 73.56 million KRW to 79.37 million KRW. This is attributed to the sluggish reconstruction of the nearby Banpo Jugong 1st complex.

On the other hand, Hanti Station jumped sharply from 10th place (59.74 million KRW) to 2nd place (84.05 million KRW). Although there were no special changes, the continuous rise in housing prices combined with good residential and educational environments fueled this increase. Sapyeong Station, Banpo Station, and Daecheong Station were not in the top 10 two years ago but entered the top 10 thanks to price increases.

Meanwhile, in terms of apartment price growth rate over two years, most of the top ranks were occupied by non-Gangnam areas. The highest growth rate was seen at Sinmokdong Station on Line 9 in Mok-dong, Yangcheon-gu. The price rose from 20.02 million KRW in 2018 to 45.78 million KRW this year, showing a remarkable 129% increase.

The second place was Dobongsan Station on Lines 1 and 7 in Dobong-dong, Dobong-gu, rising from 8.33 million KRW to 18.73 million KRW, a 125% increase. Third was Geumcheon-gu Office Station on Line 1 in Siheung-dong, Geumcheon-gu (formerly Siheung Station in 2018), which rose from 18.11 million KRW to 39.74 million KRW, a 110% increase. Fourth was Boramae Station on Line 7 in Daebang-dong, Dongjak-gu, which also showed a price increase of over 108%, more than doubling in value.