[Report] Uiwang Housing Prices Skyrocket Due to Overlapping Benefits of GTX and Wolpyeong Line... 84㎡ Reaches 1.6 Billion Won Just One Month After Hitting 1.5 Billion Won

If New GTX Line Built Around Indeogwon, Area Becomes 'Quadruple Station Zone'
10 Minutes to Gangnam, 20 Minutes to Seoul Station
Uiwang City's Housing Price Increase Rate 19.45%... Ranked 1st Nationwide

A panoramic view of the Prugio El Centro apartment complex in Naeson-dong, Uiwang-si, Gyeonggi Province. (Photo by Ryu Taemin)

[Uiwang=Asia Economy Reporter Ryu Tae-min] “When people think of Uiwang, they often imagine it as a distant place from Seoul, but in reality, Northern Uiwang is very close to the Gangnam area. Now with the Metropolitan Area Express Railway (GTX) and the Wolgot-Pangyo Line coming in, housing prices are bound to fluctuate.” (Representative of A Real Estate Agency in Naeson-dong, Uiwang, Gyeonggi Province)

Indeogwon Station on Seoul Subway Line 4 is located on the border between Uiwang and Anyang cities in Gyeonggi Province. Gwacheon City, considered part of the greater Gangnam area, is nearby, and it takes less than 30 minutes to reach Sadang Station by subway, making it a popular area for those working in Gangnam. The Naeson-dong area in Uiwang, visited by the reporter, has recently seen one of the steepest rises in housing prices in the metropolitan area.

Seong Mo (35), a resident who works near Yeoksam-dong, said, “Even during rush hour traffic jams, using the subway is quick,” adding, “Northern Uiwang is convenient for commuting and has a good residential environment, making it popular among newlyweds like us.”

Banners demanding the establishment of a stop for the Seoul Metropolitan Area Express Railway (GTX) Line C are hung in various places near Indeogwon Station on Subway Line 4, located on the border between Uiwang City and Anyang City.

The atmosphere in the Naeson-dong area clearly reflects hopes for the GTX-C line to stop at Indeogwon Station. Banners demanding the establishment of a stop are posted along the main roads. With the GTX station, travel time to Gangnam areas like Yangjae and Samseong-dong will be shortened to about 10 minutes, and commuting to Seoul Station will be possible within 20 minutes.

Indeogwon Station area is already benefiting from transportation developments. Construction is about to begin on the Wolgot-Pangyo double-track railway and the Indeogwon-Dongtan double-track railway. With the addition of the GTX-C stop, the area will become a ‘quadruple station area’ where four railway lines intersect.

Indeogwon Prugio El Centro 84㎡ Surpasses 1.6 Billion KRW

This optimism has been directly reflected in recent housing prices. According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system, an 84㎡ unit (exclusive area) in Indeogwon Prugio El Centro was traded on the 6th of this month for 1.63 billion KRW, setting a new record. This unit size in the Uiwang area first surpassed the 1.5 billion KRW loan prohibition threshold at the end of April. The price rose by 100 million KRW in just over a month. Considering that this complex, completed in November 2019, had a sale price ranging from 528 million to 568.3 million KRW, the price has roughly tripled. Current asking prices have risen to the mid-1.7 billion KRW range.

Nearby complexes show similar price trends. A 137㎡ unit in Poil Xi 2 Complex changed hands last month for 1.45 billion KRW, about 150 million KRW higher than in December last year (1.29 billion KRW). During the same period, 84㎡ units in Uiwang Naeson e-Pyeonhansesang and Raemian Everheim also recorded price increases of 100 to 150 million KRW, setting new records.

Steep housing price increases are confirmed in the Korea Real Estate Board’s housing trend data. From the beginning of this year to the end of May, Uiwang’s housing prices rose by a staggering 19.45%, the highest rate nationwide.

As housing prices soared, a shortage of listings also emerged. According to real estate big data company Apartment Real Transaction Price (Asil), listings in Uiwang dropped sharply from 848 in early May to 709 on this day, a decrease of about 150 (19.6%).

A representative from B Real Estate in the area said, “Indeogwon is popular among young working couples because it is close to Seoul,” explaining, “With various transportation benefits, expectations for further price increases are growing, leading homeowners to withdraw their listings.” A nearby C Real Estate agent also said, “As housing prices in Gwacheon rose significantly, demand in this nearby area has also increased greatly,” adding, “With many transportation network benefits, there is an atmosphere of expecting prices to surpass those in many Seoul areas.”