Half of Gwangmyeong Apartment Sales Are by Seoul Residents... Attention Focused on 'Cheolsan Xi The Heritage' Pre-Sale Announcement

- Real Estate Market: Gyeonggi Region Popular for Living in Seoul Area... This Year Gwangmyeong City Apartment Purchases by Seoul Residents Reach All-Time High
- GS Construction Announces Sale of 3,804 Units at Cheolsan Station Area 'Cheolsan Xi The Heritage'

Despite the recent freezing of the housing market due to consecutive interest rate hikes, the demand for apartment purchases in Gyeonggi Province by Seoul residents remains steady.

According to an analysis of apartment sales transaction data from the Korea Real Estate Board, out of 47,058 transactions in the Gyeonggi area from January to September this year, 7,918 were purchases by Seoul residents, accounting for 16.8%. This is the second highest figure in the past 10 years, excluding the real estate boom year of 2021.

Looking at the data by region, the purchase ratio by Seoul residents is significantly higher in areas adjacent to Seoul.

In Gwangmyeong City, which borders Seoul’s Guro-gu and Geumcheon-gu districts, the proportion of purchases by Seoul residents has steadily increased: △23.82% in 2017 △26.47% in 2018 △27.30% in 2019 △29.73% in 2020 △38.46% in 2021. This year, it recorded 49.91%, the highest since the survey began in 2006. In other words, one out of every two apartment buyers in Gwangmyeong City is a Seoul resident.

Guri City, adjacent to Gwangjin-gu, Jungnang-gu, and Nowon-gu, also saw 39.15% of total transactions purchased by Seoul residents, followed by Gwacheon City (29.69%), Goyang City (28.65%), and Uijeongbu City (27.93%). The demand is interpreted as being driven by relatively lower price burdens compared to Seoul and the ability to enjoy the Seoul living area.

In particular, Gwangmyeong is regarded as a place with high future value due to major development plans such as the creation of the 3rd New Town, Gwangmyeong-Siheung District, the reconstruction of Cheolsan Jugong Apartments, and the redevelopment of Gwangmyeong New Town. Efforts are also underway to establish a metropolitan transportation network to prepare for traffic congestion resulting from these developments.

In fact, the Sinansan Line (Ansan·Siheung~Gwangmyeong~Yeouido) and Wolpan Line (Wolgot~Gwangmyeong~Pangyo) are scheduled to open in 2025 and 2026 respectively. Once the transportation network is established, it will be possible to reach Yeouido in about 20 minutes (with GTX transfer) and Seoul Station in about 25 minutes (with Line 2 transfer).

The Gwangmyeong~Seoul Expressway is also scheduled to open in 2024. This expressway connects Gahak-dong in Gwangmyeong City with the Banghwa Bridge in Seoul and will link southward to the Suwon~Gwangmyeong Expressway and northward to the Seoul~Munsan Expressway after opening.

An industry insider said, “Gwangmyeong has the Gasan and Guro industrial complexes nearby and excellent accessibility to major Seoul business districts such as Yeouido, Gangnam, and City Hall. Moreover, it has well-established school districts and easy access to the Mokdong academy district, making it highly attractive to both working professionals in Seoul and parents.”

Meanwhile, GS Construction plans to launch sales of the ‘Cheolsan Xi The Heritage’ apartment through the reconstruction project of Cheolsan Jugong Complexes 8 and 9 in Cheolsan-dong, Gwangmyeong City, Gyeonggi Province, this December.

The complex will consist of 23 buildings ranging from 2 basement floors to a maximum of 40 floors above ground, totaling 3,804 households, of which 1,631 units with exclusive areas of 59, 84, and 114㎡ will be available for general sale.

Cheolsan Xi The Heritage is located in a central area with convenient transportation networks. It is within walking distance of Cheolsan Station on Subway Line 7, allowing easy commuting without transfers to major business districts such as Gasan Digital Complex Station and Express Bus Terminal Station. Additionally, it offers quick access to KTX Gwangmyeong Station, Gwangmyeong Bus Terminal, Seobu Expressway, Gangnam Circular Expressway, and Seohaean Expressway, facilitating fast travel to key locations in Gyeonggi, Seoul, and Incheon.

The complex also benefits from abundant infrastructure. Nearby are excellent school districts including Gwangmyeongbuk Elementary School, Gwangseong Elementary School, Cheolsan Middle School, Gwangmyeongbuk High School, and prestigious high schools, as well as Yeonseo Library, Cheolsan Library, and an academy district near Cheolsan Station. Furthermore, the famous Mokdong academy district, known for its entrance exam academies, is about a 15-minute drive away, enhancing the educational environment.

Close to the complex are public offices such as Gwangmyeong City Hall, Administrative Welfare Center, Post Office, Suwon District Court Ansan Branch Gwangmyeong City Court, and Police Station. Convenience facilities including E-Mart Gwangmyeong Soha Branch, E-Mart Metro Gwangmyeong Branch, Jungang Market, Gwangmyeong Traditional Market, Lotte Supermarket, and Lotte Cinema are also nearby for easy use.

For leisure, parks and facilities such as Anyangcheon Stream, Hyeonchung Neighborhood Park, Wangjaesan Neighborhood Park, Gwangdeoksan Neighborhood Park, and Gwangmyeong Citizen Sports Complex are close by, enabling a pleasant living environment.

Meanwhile, Cheolsan Xi The Heritage will have a model house available for viewing, and move-in is scheduled for 2025.