The subway lines with the highest increase in housing prices around stations this year were Line 8 and Line 2, in that order. In particular, complexes in Songpa-gu near Mongchontoseong Station, Jamsilsaenae Station, and Jamsillaru Station showed high growth rates.
View of the surrounding apartments from Lotte World Tower Seoul Sky in Songpa-gu, Seoul. / Photo by Jinhyung Kang aymsdream@
On the 23rd, real estate platform Zigbang analyzed the increase rate of the apartment sales price index around subway lines and station areas in the metropolitan area. The line with the highest increase rate up to the end of September this year was Line 8 (14.15%). Stations with high growth rates on this line included Mongchontoseong Station (21.15%), Songpa Station (16.51%), Garak Market Station (15.68%), Namhansanseong Entrance Station (14.71%), and Munjeong Station (14.32%).
The apartment complexes near Mongchontoseong Station include Parkrio in Sincheon-dong, Songpa-gu, a large complex with over 6,800 households. Nearby, reconstruction is underway at Miseong Apartments (Jamsil Le El) and Jinju Apartments (Jamsil Raemian I-Park), scheduled to be occupied in 2024 and 2025 respectively, so this station area is expected to remain strong in the future.
Next, Line 2 showed strong performance with a 12.32% increase compared to the end of last year. By station, Jamsilsaenae Station (19.48%), Jamsillaru Station (19.46%), Yangcheon-gu Office Station (18.40%), Sindap Station (18.03%), and Hanyang University Station (17.83%) saw significant rises in the apartment sales price index. In particular, apartments near Jamsilsaenae Station such as Jamsil Els, Resentz, and Trizium in Jamsil-dong, Songpa-gu, have seen steady price increases amid consistent transactions.
During the same period, the Shinbundang Line also recorded a high increase rate of 11.94%. Stations with significant apartment price increases include Gwanggyo Jungang Station (18.67%), Sanghyeon Station (18.19%), Jeongja Station (14.41%), Dongcheon Station (14.12%), and Suji-gu Office Station (13.51%). Among these, complexes near Gwanggyo Jungang Station include Iui-dong Jayeon & Hillstate, Summit Place Gwanggyo, e-Pyeonhansesang Gwanggyo, and Jayeon & Xi complexes 1 to 3.
Among metropolitan subway stations, the individual station area with the highest apartment price increase was Gwangmyeong Station on Line 1 (27.19%). Since 2017, complexes such as Iljik-dong Gwangmyeong Station U Planet D’Siang, Gwangmyeong Station Summit Place, Gwangmyeong Station Central Xi, Gwangmyeong Station Park Xi, and Gwangmyeong Station Prugio have surrounded Gwangmyeong Station.
The second highest increase was at Daecheong Station on Line 3, which rose 23.81% compared to the end of last year. As of the end of September this year, the price index there was the highest since the disclosure of actual transaction prices in 2006. Nearby apartments include Gaepo Xi in Gaepo-dong, Daecheong, Daechi, and The H Xi Gaepo in Irwon-dong. Following this were Mongchontoseong Station, Hansung Baekje Station on Line 9, and Sindaebang Samgeori Station on Line 7, all showing increases above 20%.
Although apartment sales transactions have not been as active as in previous years recently, competitively located station-area apartments have seen large price increases. These are not the highest-priced apartment clusters but are relatively high-priced apartments with excellent proximity to Gangnam and good residential conditions.
Ham Young-jin, head of Zigbang Big Data Lab, said, "It seems to be due to the easing of loan regulations up to 1.5 billion KRW and the lifting of restrictions in regulated areas," adding, "In cases where locational advantages like station areas are clear, they are relatively less affected by market downturns or stagnation, so it is important to carefully consider these when purchasing a home."
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