Gyeonggi-do Apartment Transactions Up 32% YoY... Led by 'Hwa, Su, Seong'

As apartment transaction volumes in Gyeonggi Province show signs of recovery, a significant increase in transactions has been observed in Hwaseong-si, Suwon-si, and Seongnam-si.

[Image source=Yonhap News]

On the 1st, Real Today, a real estate research firm, analyzed the real estate transaction status on the Gyeonggi Real Estate Portal (as of February 24) and reported that the number of apartment sales transactions in Gyeonggi Province in January this year was recorded at 4,533.

This represents a 31.7% increase compared to 3,443 transactions in January last year. The rebound in transaction volume is attributed to expectations surrounding the government's comprehensive deregulation policies, such as the January 3rd real estate measures.

Looking at the data by city and county, the sharp increase in apartment sales transactions in Hwaseong-si stands out. The number of apartment transactions in Hwaseong-si was 217 in January last year, but surged to 480 in January this year, more than doubling.

Following this, transaction volumes increased in Suwon-si (239 → 418), Seongnam-si (121 → 220), Siheung-si (184 → 265), and Hanam-si (52 → 131), in that order.

[Image provided by RealToday]

As of January this year, 24.7% (1,118 transactions), equivalent to one quarter of the total apartment sales transactions in Gyeonggi Province, took place in these three regions. These areas are home to large-scale business districts, and the market analysis suggests that abundant demand for proximity between residence and workplace drove apartment transactions.

A representative from Real Today stated, "The apartment sales volume in Gyeonggi Province has shown an increasing trend for four consecutive months, indicating that the previously subdued buying demand is recovering," adding, "Apartment sales are becoming active mainly in regions with abundant demand from employees of large corporations who have strong purchasing power."