Real Estate Info and Real Estate R114 Data Analysis
Average Apartment Sale Price in Gyeonggi-do This Year: 20.11 Million KRW
Average Sale Price per 3.3㎡ in Gyeonggi-do
Last Year 18.68 Million KRW → This Year 20.11 Million KRW Increase
The average sale price of apartments offered in Gyeonggi Province this year has exceeded 20 million KRW per 3.3㎡ for the first time. Due to unavoidable price increases caused by rising construction costs, and with many sales near Seoul in areas such as Pangyo, Dongtan, and Namwirye, the sale prices have significantly increased.
On the 16th, real estate analysis firm Real Estate Info analyzed data from Real Estate R114 and found that the average sale price of apartments (excluding rentals) in 51 complexes sold from January to August in 31 cities, counties, and districts of Gyeonggi Province was 20.11 million KRW per 3.3㎡. This is 1.43 million KRW higher compared to last year's 18.68 million KRW.
The region with the highest average sale price this year was Gwacheon City at 34.1 million KRW per 3.3㎡, followed by Seongnam City at 32.79 million KRW, Gwangmyeong City at 31.01 million KRW, Anyang City at 29.01 million KRW, and Gunpo City at 28.31 million KRW.
Seongnam City saw a significant increase as sales in the Namwirye and Pangyo areas rose with projects such as ‘Sanseong Station Heriston’, ‘Elif Namwirye Station Edufore’, and ‘Pangyo Technovalley Joongheung S-Class’, resulting in a 35.1% increase of 8.51 million KRW from last year's 24.28 million KRW.
Hwaseong City also experienced a large increase. In July, the ‘Dongtan 2 New Town Dongtan Station Daebang Elyum The Signature’ project attracted 116,621 applicants, with an average sale price set in the 20 million KRW range per 3.3㎡. Consequently, the price per pyeong rose 30.2% from last year's 15.24 million KRW to 19.84 million KRW.
Goyang City sold two complexes (Goyang Janghang Atera and Goyang Janghang Kaibeu Ubora) in the Janghang district where the price ceiling system was applied, yet the average sale price increased by 10.7% from last year's 20.67 million KRW to 22.88 million KRW.
Osan City also applied the price ceiling system to projects such as ‘Osan Station Geumgang Penterium Central Park’ and ‘Osan Segyo 2 Hanshin The Hue’ this year, but the regional average sale price rose 10% from 13.7 million KRW last year to 15.07 million KRW this year.
Gwon Il, head of the research team at Real Estate Info, said, “With construction costs rising sharply and the apartment price increase trend starting in Seoul spreading to Gyeonggi, even complexes under the price ceiling system are seeing prices similar to surrounding market prices. Since sale price is the most important factor leading to subscription, relatively reasonable complexes among those offered within the year are expected to be chosen by buyers.”
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