Among the Top 5 Areas with the Highest Housing Price Increase Rates in Gyeonggi, Siheung and Osan Stand Out in the Southern Gyeonggi Region
Over the past three years, the real estate market in the Gyeonggi region has experienced highs and lows like a roller coaster. Recently, the market recovery centered around Seoul has spread to Gyeonggi Province, leading to a rebound in Gyeonggi housing prices after 17 months.
According to Real Estate R114, the average price per 3.3㎡ of apartments in Gyeonggi Province was 14.79 million KRW as of August 2020. However, from September 2021, the price exceeded 20 million KRW per 3.3㎡, reaching 20.15 million KRW. After peaking at 20.64 million KRW in March 2022, prices declined continuously to 18.81 million KRW per 3.3㎡ as of July this year.
However, from August this year, prices rebounded to 18.97 million KRW per 3.3㎡, marking a turnaround after 17 months and signaling a different atmosphere compared to the first half of the year.
Over the past three years, the average apartment price in Gyeonggi Province increased by 26.81%, with some areas recording increases of 30 to 40%.
According to Real Estate R114 apartment sales price data, the top five areas in Gyeonggi with the highest price increases over the past three years are Yangju-si, Goyang-si, Uijeongbu-si, Siheung-si, and Osan-si. Yangju-si recorded the highest increase at 49.29%, followed by Goyang-si at 40.06%, Uijeongbu-si at 39.20%, Siheung-si at 36.64%, and Osan-si at 36.08%.
Yangju-si's price rise is attributed to the rapid depletion of low-priced properties due to ongoing new housing supply this year, followed by continued upward transactions. Additionally, the promotion of the GTX-C line appears to have attracted interest.
While Yangju-si, Goyang-si, and Uijeongbu-si showed notable increases in the northern part of Gyeonggi, Siheung-si and Osan-si stood out in the southern part.
Siheung-si is seeing improvements in its metropolitan transportation system with projects such as the Wolgot-Pangyo Line, Shinansan Line, and the Seoul Metropolitan Area 2nd Ring Expressway (Sihwa IC). Furthermore, the Siwha Multi Techno Valley (Siwha MTV) project, which includes advanced industry and support facilities, commercial, residential, and tourism facilities, is underway, attracting continuous demand.
In Osan-si, new favorable factors such as the extension of the Bundang Line have led to increased demand and movement of buyers.
An industry insider stated, “The real estate market in the metropolitan area, centered on Seoul, is stopping its decline and more areas are turning to an upward trend. The pre-sale market is recovering faster, with many sites selling out early, so it is worth paying attention to the pre-sale volumes in these regions this fall.”
Meanwhile, Hyundai Construction’s ‘Hillstate The Wave City’ in Jeongwang-dong, Siheung-si, Gyeonggi Province, is attracting attention. This complex, subject to the price ceiling system, will consist of 851 apartments ranging from 60 to 85㎡, 945 officetels ranging from 84 to 119㎡, totaling 1,796 units. Only the apartments will be supplied first. The first priority subscription is today, with the second priority subscription on the 25th. The price for an 85㎡ apartment is set at a maximum of 540 million KRW, and for a 60㎡ apartment, up to 420 million KRW, which is cheaper compared to the L Apartment in Siheung-si supplied in July, where the 84㎡ type was priced at a maximum of 720 million KRW.
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