Gyeonggi Yangpyeong and Gapyeong Rapidly Emerging as Alternative Residential Areas to Seoul

Improved Seoul Accessibility via KTX, GTX, Subway... Excluded from Resale Restrictions
Large Complex of 1,602 Households 'Yangpyeong Station Hallabibaldi 1 & 2' Draws Attention

Perspective view of Yangpyeong Station Hallabibaldi.

[Asia Economy Reporter Ryu Tae-min] Apartment supply is increasing in Yangpyeong and Gapyeong, Gyeonggi Province, which have been regarded as rural residential areas in the metropolitan area. This is because as apartment sale and rental prices in Seoul have risen sharply, demand to move to the outskirts of the metropolitan area to secure a home is increasing.

Recently, apartment sales transactions in the two areas have also rapidly increased. According to the Korea Real Estate Board, the number of apartment sales transactions in Gapyeong County in the second half of last year was 681, up 44% from 473 in the same period the previous year. Apartment sales transactions in Yangpyeong County also increased by 56% to 1,622 last year compared to 1,041 in the same period the previous year.

This appears to be influenced by the regulatory balloon effect caused by the exclusion of Yangpyeong County and Gapyeong County from the expanded metropolitan area pre-sale rights resale restriction announced by the government on June 17 last year. Since they are not included in the adjusted target areas, there are no restrictions on re-winning, and the loan-to-value ratio (LTV) can be applied up to 70% when taking out loans. Resale of pre-sale rights is also possible six months after winning the subscription.

Transportation infrastructure improvements are also notable. In the case of Yangpyeong, using the Yongsan-Gangneung Line KTX, it is possible to reach Seoul Cheongnyangni Station from Yangpyeong Station in about 20 minutes. It also takes about 40 minutes to reach Seoul Station. Even using the Gyeongui-Jungang Line, it is possible to commute to Seoul Cheongnyangni Station within about an hour.

In Gapyeong, the terminus station of the GTX (Great Train Express) Line B, a metropolitan area tourist express railway, is scheduled to be established at Maseok Station (Namyangju City), which is four stops away from Gapyeong Station on the Gyeongchun Line. The GTX-B line connecting Dongdo-Seoul Station-Cheongnyangni Station-Maseok Station is scheduled to begin construction in 2022. Once this line opens, it will be possible to quickly travel to Seoul Station, Yeouido, Cheongnyangni, and Incheon Songdo.

In Yangpyeong, ‘Yangpyeong Station Hanla Vivaldi 1 & 2’ with 1,602 households, and in Gapyeong, ‘Gapyeong Xi’ with 505 households and ‘e-Pyeonhansesang Gapyeong First One’ with 472 households are being consecutively offered for sale in January and February this year.

Hanla is simultaneously launching ‘Yangpyeong Station Hanla Vivaldi 1 & 2’ in Yanggeun-ri, Yangpyeong-eup, Yangpyeong County. The complex consists of 16 buildings from basement level 2 to 20 floors, with 1,602 households (59~98㎡ in exclusive area), making it the largest complex built in the Yangpyeong area. Located in the center of Yangpyeong-eup, it is well equipped with various living infrastructures. Shopping facilities such as Yangpyeong Market, Hanaro Mart, Mega Mart, and Lotte Mart are all within 1.5 km. Numerous schools such as Yangpyeong Middle School, Yangil Middle School, Yangil High School, and Yangpyeong High School are also located near the complex.

In Gapyeong, DL E&C and GS Construction are launching sales. DL E&C will offer ‘e-Pyeonhansesang Gapyeong First One’ in Daegok District in January, consisting of 4 buildings from basement level 2 to a maximum of 27 floors, with 472 households (59~84㎡). GS Construction is also scheduled to launch ‘Gapyeong Xi’ in Daegok 2 District in January, consisting of 6 buildings from basement level 3 to 29 floors, with 505 households (59~199㎡). Both complexes are within walking distance of Gapyeong Station on the Gyeongchun Line.

Lee Nam-su, branch manager of Shinhan Bank Janghanpyeong Station Financial Center, said, “The Yangpyeong and Gapyeong areas have relatively loose regulations and good accessibility to Seoul, making them attractive for real demanders commuting to the eastern part of Seoul.”