Three Consecutive Months of Growth Since December Last Year
Transactions Over 900 Million Won Account for 13.6 Percent
Hwaseong Records the Highest Number of Transactions with 1,019
In March, the number of apartment sales transactions in Gyeonggi Province surpassed 13,000 for the first time in seven months. This marks a three-month consecutive increase since the end of last year.
On the 5th, a GTX route map was installed at Dongtan Station in Hwaseong, Gyeonggi Province. Photo by Kang Jinhyung aymsdream@
According to an analysis by Zigbang of the actual transaction price data from the Ministry of Land, Infrastructure and Transport on May 7, the number of apartment sales transactions in Gyeonggi Province in March was tallied at 13,348. This represents a 37% increase compared to the previous month (9,723 transactions).
By price range, the proportion of transactions for apartments priced over 900 million won notably increased. In March, transactions of apartments over 900 million won accounted for 13.6% of all transactions in Gyeonggi Province. This is the highest proportion since monthly transaction data began being released in 2006.
The number of transactions for apartments over 900 million won in Gyeonggi Province was only 580 in January, but increased to 1,111 in February (11.4% of the total), and further rose to 1,816 in March (13.6%), showing a growing share. By price range, there were 1,401 transactions (10.5%) for apartments priced over 900 million won and up to 1.5 billion won, and 415 transactions (3.1%) for those priced over 1.5 billion won. Compared to the previous month, these figures increased by 71% and 43%, respectively.
This trend is interpreted as being influenced by expectations of interest rate cuts, concerns about supply shortages, and anticipation of policy changes. In Seoul, the lifting of land transaction permit zones led to increased transactions in key areas. In the southern part of Gyeonggi Province, buying activity spread mainly in complexes with relatively less price pressure. In particular, transactions were concentrated in high-priced complexes near stations with excellent accessibility to Seoul, driving the overall increase in transactions.
Starting from the 30th, the GTX-A line, the first of the metropolitan rapid transit trains (GTX) in the Seoul metropolitan area, will begin operation on the Suseo-Dongtan section. The appearance of the GTX-A station at Seoul Suseo Station on the 29th, one day before the operation. Photo by Jo Yongjun jun21@
The regions with the highest number of transactions in March were Hwaseong (1,019 transactions), Suji-gu in Yongin (772 transactions), Bundang-gu in Seongnam (686 transactions), Namyangju (630 transactions), and Pyeongtaek (598 transactions). These areas have easy access to the Gangnam area and are equipped with strong infrastructure such as transportation and school districts, resulting in a steady inflow of both end-users and investors.
In Hwaseong, most transactions were concentrated in Dongtan 2 New Town. With the opening of the GTX-A Suseo-Dongtan section last year, accessibility to Seoul has greatly improved, and expectations for further expansion of the metropolitan transportation network have increased interest among both end-users and investors. Complexes near Dongtan Station, such as Hillstate Dongtan, Dongtan Station Foreness, and Dongtan Station Sibeom Woona Firstville, ranked high in transaction volume.
In Suji-gu, Yongin, transactions were mainly concentrated in complexes near the Shinbundang Line. Hyundai Sungwoo 8th (24 transactions) recorded the highest number, followed by ePyeonhansesang Suji (23 transactions), Jinsan Maeul Samsung 5th (18 transactions), and Seongbok Station Lotte Castle Gold Town (17 transactions).
In Bundang-gu, Seongnam, the highest number of transactions occurred at Sangnok Maeul Woosung (21 transactions). As nearby complexes in the Jeongja-dong area are pursuing remodeling projects, expectations for redevelopment have led to an inflow of investment demand and continued transactions.
As of April 29, the number of apartment transactions in Gyeonggi Province for April was tallied at 5,848. Although there is about a month left until the reporting deadline, it seems unlikely that the figure will surpass 10,000.
Kim Minyoung, manager of the Big Data Lab, explained, "The re-designation of land transaction permit zones has put a brake on the increase in apartment transactions in Seoul. In addition, with major events such as the early presidential election in June and the implementation of the third stage of the stress DSR in July approaching, it is highly likely that buyers will continue to take a wait-and-see approach. However, this current wait-and-see stance is closer to a flow of pent-up demand rather than a disappearance of demand, so there is also a possibility that buying activity will gradually recover depending on external factors such as expectations of interest rate cuts."
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