[Report] Yeouido Commute Within 10 Minutes... "Apartment Prices Rise but No Transactions"

Increased Purchase Inquiries Due to Transportation Benefits
Asking Prices Up Over 70 Million KRW in a Month
Trading Cliff Continues Amidst Wait-and-See Sentiment

On the afternoon of the 24th, at Boramae Hospital Station in Sindang-dong, Dongjak-gu, Seoul. Riding the Sillim Line, which is set to open on the 28th, it took about 8 minutes to arrive at Saetgang Station located in Yeouido-dong, Yeongdeungpo-gu. Photo by Hwang Seoyul

[Asia Economy Reporter Hwang Seoyul] At 2:45 PM on the 24th at Boramae Hospital Station, currently undergoing trial operation four days before its official opening, the Seoul Metropolitan Subway Sillim Line allowed conversations without raising voices. This was because it was the first in Seoul to use rubber wheels, minimizing the noise caused by metal friction in conventional subways. However, the degree of tilting was noticeable when navigating curves. While watching the tracks through the front glass window of the unmanned train, the terminal station, Saetgang Station, was reached. The arrival time was 2:53 PM, meaning it took about 8 minutes to travel from Sindaebang-dong in Dongjak-gu to Yeouido-dong in Yeongdeungpo-gu.

With the opening of the Sillim Line subway on the 28th, the travel time from Gwanaksan Station to Saetgang Station, which previously took more than 35 minutes, will be reduced to 16 minutes. Although the straight-line distance is short, the transportation blind spot in the southwestern area, which lacked adequate public transportation, is expected to be resolved with the opening of the Sillim Line. During rush hours, trains will operate every 3.5 minutes, and during normal times every 4 to 10 minutes, with a maximum capacity of 268 passengers per trip.

With the opening of the Sillim Line on the 28th, the commuting time from Gwanaksan Station to Saetgang Station, which used to take more than 35 minutes, will be reduced to 16 minutes. Nearby real estate agents responded, "There are inquiries about purchases, but they do not lead to transactions."
Photo by Hwang Seoyul

As commuting time from Gwanak-gu to Yeouido shortens, apartment sale prices near the Sillim Line are rising. Boramae SK View Apartments near Boramae Station, where the Sillim Line station is added to the existing Seoul Subway Line 7 (exclusive area 84.98㎡), were traded last month at 1.66 billion KRW, up 65 million KRW from the March sale price of 1.595 billion KRW. Current asking prices are estimated to be between 1.73 billion and 1.8 billion KRW. Sellers have set prices at least 70 million KRW higher in just one month. A representative from nearby A Real Estate Agency (licensed) said, "Inquiries from buyers wanting to commute to Yeouido have increased."

Although prices are rising due to transportation benefits, complexes near the Sillim Line are also experiencing a recent slump in sales transactions. For example, Daebang Daerim Apartments near Seoul Regional Military Manpower Administration Station, which became a station area due to the new Sillim Line, had two sales in March at 1.98 billion KRW and 1.97 billion KRW respectively. These prices rose compared to the previous actual transaction price of 1.79 billion KRW, but the transactions occurred after about six months. A representative from B Real Estate said, "With the situation in Gyeonggi Province not good and interest rates rising, buyers are continuing to hold back, waiting to buy if prices drop."