"Compared to Dongtan or Suwon, where prices have dropped by hundreds of millions of won, the price decline here has not been as significant. Since April, transactions have been gradually occurring, and prices have been rising compared to the beginning of the year, giving the impression that the market has bottomed out," said a representative from Bongdam A Real Estate Agency.
Although house prices are adjusting due to recent interest rate hikes and a transaction freeze, the real estate market in Bongdam, Hwaseong, Gyeonggi Province is stabilizing. With abundant development prospects and the perception that house prices are still lower than in neighboring areas, prices are slowly recovering after a brief adjustment period.
According to Real Estate 114 data, as of the end of May, the average sale price per household in Bongdam-eup, Hwaseong-si, Gyeonggi-do was 453.95 million won, a 0.39% increase from January this year (452.19 million won). In contrast, the average sale price per household in Hwaseong-si (667.69 million won) has fallen for four consecutive months since February, dropping 0.63% compared to the beginning of the year. Notably, Bongdam-eup's housing prices have been rising continuously for 35 months without any price decline since June 2019 (-0.02%).
Looking at individual apartment complexes, the 'e-Pyeonhansesang Sinbongdam' 59㎡ unit was traded at 510 million won in April, up about 14 million won (3%) from early this year (February, 496 million won). Also, the Jeonse price for the 'Bongdam 2 District Jungheung S-Class The First' 84㎡ unit, scheduled for move-in at the end of June this year, was contracted at 350 million won, close to the sale price (362 million won), and the sale price is expected to exceed 600 million won, according to industry insiders.
The number of sales transactions in Bongdam-eup also increased more than twofold to 29 in March from 12 in the previous month, marking the highest since October last year (55 transactions).
The stabilization of Bongdam's housing prices is due to the fact that prices remain lower than surrounding areas despite abundant development prospects. According to Real Estate 114 data, the average sale price per household in Gwonseon-gu, Suwon-si, adjacent to Bongdam, is 547.01 million won, about 100 million won higher than Bongdam's 453.95 million won. Especially, new apartments in Gwonseon-gu are traded at 700 to 800 million won, forming prices 200 to 300 million won higher than Bongdam, according to real estate agents.
Development prospects are also abundant. Currently, in the Bongdam-eup area of Hwaseong-si, residential complexes totaling about 42,000 households are planned through public land and private urban development projects such as Bongdam 1 and 2 Districts, Donghwa District, Hyohang District (planned), Wau District, and Naeri District. Considering that Dongtan 1 New Town and Wirye New Town each have about 41,500 and 44,800 households respectively, a new town-scale development is taking place in the Bongdam area. When a new town-scale development occurs, various transportation, education conveniences, and living infrastructure are established, increasing the area's value.
Additionally, there is a rich network of wide-area roads including the Metropolitan Area 2nd Outer Ring Road (Bongdam-Dongtan section) Bongdam IC, Bibong-Maesong Urban Expressway, Bongdam-Songsan Expressway, Suwon-Gwangmyeong Expressway, and Gwacheon-Bongdam Urban Expressway. The extension of the Shinbundang Line from Homaesil to Bongdam is also included in the 4th National Railroad Network Construction Plan, further improving transportation conditions.
As a result, the pre-sale market is also showing strong performance. 'Bongdam Paragon,' the first post-sale complex in Bongdam this year and a benchmark for the Bongdam pre-sale market, closed with a high competition rate of 19.77 to 1 in the first priority round. This is the second-highest competition rate ever, following 'Bongdam Xi Lafine' last year (22.09 to 1).
There is naturally high interest in complexes scheduled for pre-sale in Bongdam this year. GS Construction plans to launch 'Bongdam Xi Lajenne' in June at Donghwa District A-1 Block in Bongdam-eup. This complex consists of 7 buildings from basement level 2 to 25 floors above ground, with a total of 862 units ranging from 59 to 112㎡. Especially, with 'Bongdam Xi Lafine' 750 units scheduled to move in at Donghwa District A-3 Block, a Xi brand town of 1,612 households will be formed.
Within walking distance are Wau Middle School, the planned Bongdam 1 High School, and an elementary school site, and within about 1 km radius is the Bongdam-eup academy district, providing excellent educational conditions. Additionally, Emart (Bongdam branch) is accessible on foot, and within about 1 km radius of the project site are CGV, Hanaro Mart (Bongdam branch), and the Bongdam 1 District central commercial area, enabling convenient living.
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