30-Minute Living Zone from Seoul to Capital Area... 'The Sharp Arte' on GTX Line Draws Attention

- Departure from Seoul and Home Buying Rush in the Metropolitan Area Alongside GTX Line Projects
- GTX-B Line Project Materializes... 30-Minute Commute Possible from Incheon to Seoul Upon Opening

The GTX project, which connects the Seoul metropolitan area (Gyeonggi, Incheon) and Seoul within a 30-minute living zone, is bringing changes to the real estate market. As accessibility to Seoul improves through GTX, demanders with workplaces in Seoul are opting to purchase homes in the relatively more affordable metropolitan area instead of the expensive Seoul housing market.

The average apartment sale price in Seoul is about twice that of the metropolitan area. According to data from Real Estate 114, as of December 2022, the average apartment sale price in Seoul was 42.08 million KRW per 3.3㎡. The jeonse (long-term deposit lease) price was also 20.62 million KRW. In contrast, apartment sale prices in Gyeonggi Province, part of the metropolitan area, were 19.94 million KRW, and in Incheon, 15.39 million KRW, which is only about half the price of Seoul apartments.

Industry experts expect the population moving from Seoul to the metropolitan area to continue increasing due to the expansion of transportation networks. In particular, the recently materialized GTX project is predicted to accelerate the trend of demanders relocating away from Seoul.

In addition to GTX-A, which is scheduled to partially open next year, attention should be paid to the GTX-B line passing through Incheon, Seoul, and Gyeonggi Province. Recently, with the selection of the construction company for the GTX-B line project, expectations for early construction have risen.

The planned GTX-B line is a project connecting an 82.73 km section from Songdo in Incheon to Maseok in Namyangju. Major stations include Incheon National University Entrance, Incheon City Hall, Bupyeong, Sindorim, Yeouido, Yongsan, Seoul Station, Cheongnyangni, Sangbong, Byeollae, and Maseok Station, with a total of 13 stations planned.

Once the GTX-B line opens, it is expected to serve about 270,000 passengers daily. It is evaluated that the line will dramatically improve Seoul urban accessibility for the western and northeastern parts of the metropolitan area, which have been considered to have poor transportation conditions. Travel time from Incheon National University Entrance to Seoul Station is expected to be about 28 minutes after the line opens.

Meanwhile, POSCO Construction will launch sales of ‘The Sharp Arte’ through the Jooan 10 District Housing Redevelopment Project (around Jooan-dong) in Michuhol-gu, Incheon, in February. The complex will consist of 10 buildings with 2 basement floors and up to 29 floors above ground, totaling 1,146 households (including rental units) with exclusive areas ranging from 39 to 84㎡. Among these, 770 units will be available for general sale.

‘The Sharp Arte’ is a beneficiary complex of the GTX-B line in the metropolitan area. Currently, Incheon City Hall Station, planned for the GTX-B line, is just one stop away from Seokbawi Market Station in front of the complex, enabling travel to downtown Seoul within 30 minutes once the GTX-B line opens.

The complex also offers a pleasant residential environment. Six parks, including Seokbawi Park and Incheon Central Park, are located nearby. Additionally, access to lifestyle infrastructure such as Homeplus Guwol Branch, Lotte Department Store Incheon Branch, and Incheon General Bus Terminal is convenient.

The model house for ‘The Sharp Arte’ is scheduled to open in February, with move-in expected in June 2024.