"Seoul Apartment Average 1 Billion Won"... People Moving to Gyeonggi-do

Acceleration of Seoul Exodus Due to Rising Seoul Housing Prices
New Apartments in Gyeonggi Cheaper Than Seoul Jeonse Prices

More people are moving to Gyeonggi-do as they cannot afford the housing prices in Seoul. This appears to be influenced by relatively lower housing prices compared to Seoul, accessibility to Seoul, and expectations of rising housing prices due to transportation benefits from regional development.

According to the Korea Real Estate Board on the 25th, the average apartment sale price in Seoul in September was 1,046.32 million KRW, about twice the average apartment sale price in Gyeonggi-do of 513.19 million KRW. During the same period, the average apartment jeonse price in Seoul was 520.24 million KRW, which is higher than the average apartment sale price in Gyeonggi-do. This means it is possible to own a home in Gyeonggi-do with the jeonse price in Seoul.

As the burden of housing prices in Seoul approaches twice that of Gyeonggi-do, Seoul’s population is continuously moving to Gyeonggi-do. According to data from the National Statistical Portal, Seoul’s population has been declining for 13 consecutive years since 2010 when it was 10,312,545, reaching 9,407,540 as of September this year. In contrast, Gyeonggi-do’s population has steadily increased by 1,839,717 during the same period, reaching 13,626,339.

A significant portion of Seoul’s population has moved to Gyeonggi-do. According to 2022 data on movers by origin and destination, the net number of movers from Seoul to Gyeonggi-do was 60,234, the highest among all provinces nationwide. This figure is about 5.3 times the net movers to Incheon, another metropolitan area, which was 11,500.

The housing market is no exception. According to the Housing & Urban Guarantee Corporation (HUG) for private apartment sale prices in Seoul, the average sale price per unit area (㎡) of newly supplied private apartments in Seoul over the past year was 9.697 million KRW. This is 64% higher compared to the average private apartment sale price in Gyeonggi-do, which is 5.912 million KRW. Accordingly, demand is increasing for Gyeonggi-do complexes with excellent locations such as those near subway stations, branded apartments, and large complexes.

Population Trends in Seoul and Gyeonggi Province. (Provided by National Statistical Portal)

Lotte Construction plans to supply ‘Sosa Station Lotte Castle The Newel’ next month in Sosabon-dong, Bucheon-si, Gyeonggi-do. It consists of 6 buildings from 3 basement floors to 35 floors above ground, with a total of 983 units ranging from 59 to 132㎡ in exclusive area. It is within walking distance of Sosa Station, a transfer station for Subway Line 1 and the Seohae Line. From here, Gimpo Airport is reachable within 10 minutes, Magok within 20 minutes, Yeouido within 30 minutes, and Gwanghwamun and Gangnam within 40 minutes, making it highly popular among Seoul commuters.

Daewoo Construction will introduce ‘Uijeongbu Prugio Claciel’ this month in Uijeongbu-si, Gyeonggi-do. It consists of 4 buildings from 5 basement floors to 42 floors above ground, with a total of 656 units ranging from 84 to 110㎡ in exclusive area. The complex is located right next to Dong-o Station on the Uijeongbu light rail.

DL Construction plans to supply 408 units out of a total of 815 units in ‘e-Pyeonhansesang Singok Signature View’ through the Jangam Living Zone 3 Housing Redevelopment Project in Singok-dong, Uijeongbu within this year. It is a ‘Chopuma’ (an apartment complex with an elementary school nearby), close to Uijeongbu Elementary School.

Additionally, Hyundai Construction plans to supply ‘Hillstate Dongtan Foret’ next month in Block 61 of Dongtan 2 New Town, Hwaseong-si, Gyeonggi-do, and Samsung C&T plans to supply ‘Maegyo Station Pellucid,’ redeveloped from the Gwonseon 6 District in Seryu-dong, Suwon-si, Gyeonggi-do within this year.