◆ Only One Complex Moving In This Year... All Supply Channels Blocked
◆ Solid Demand and Future Potential Drive "New Apartment Focus"
◆ "Suji Xi Edition" Draws Attention Ahead of October Sale of 480 Units
◆ Scarcity of New Developments Heightens Value Gap Between Old and New Apartments
As the shortage of new apartment supply intensifies in Suji District of Yongin and Bundang District of Seongnam-both considered prime residential areas in southern Gyeonggi Province-a sharp rise in the prices of new apartments is expected in the future. While demand for housing from professionals commuting to Gangnam and Pangyo continues to flow in steadily, supply has effectively dwindled to near zero, further deepening the supply-demand imbalance.
◆ Only One Move-In This Year... Physical and Institutional Supply Channels Blocked
According to Real Estate Info, a real estate market analysis firm, the only apartment scheduled for occupancy in Bundang District, Seongnam this year is "Bundang Athera" (242 units), a public sale apartment in Yatap-dong, which began move-ins in July. In Suji District, Yongin, there are no new apartment move-ins at all. Except for "E-Pyunhansesang Jukjeon Premier Foret" (430 units), which was completed in 2024, Suji District has not seen a single apartment complex with over 100 units move in over the past three years. Considering that the combined population of Bundang and Suji districts reaches 850,000, the reality is that new supply is essentially zero.
This "new supply depletion" phenomenon is due to the fact that, as in Seoul, available land for development has reached its limit. While redevelopment and remodeling are alternatives, the volume of supply is far too insufficient to meet demand.
An industry insider commented, "There are high expectations for the Special Act on First-Generation New Towns, but redevelopment can only proceed sequentially, making it structurally difficult to result in a massive supply increase in the short term," adding, "Both physical and institutional channels for apartment supply are effectively blocked."
◆ Solid Demand and Future Value... Acceleration of "New Apartment Focus"
While supply is blocked, demand flowing into Bundang and Suji is expected to increase further. This is due to the direct connection to Gangnam and Pangyo Techno Valley via the Shinbundang Line, abundant green spaces and excellent school districts thanks to well-planned urban development, all of which make these areas highly desirable for residential living. According to Gyeonggi Province, the number of companies moving into Pangyo Techno Valley increased by 11% year-on-year as of 2024, and the third phase of Pangyo Techno Valley is currently under development. In addition, advanced industrial complexes such as the "Ori Station Area Complex Development" project promoted by Seongnam City are planned, which is expected to further increase the residential population based on high-quality jobs.
Amid this supply drought, the announcement of new apartment sales is drawing keen attention in the market. "Suji Xi Edition," constructed by GS Engineering & Construction and developed by Wibon, is scheduled for sale in October and will comprise a total of 480 units. Dongcheon Station on the Shinbundang Line is within walking distance, providing access to Pangyo Station in three stops and Gangnam Station in seven stops. Several schools, including Pungdeok Elementary School, Suji Middle School, and Suji High School, are within walking distance, and the area around Suji District Office Station is densely packed with private academies, offering excellent educational conditions.
Given the large number of aging apartment complexes in the area, preference for new developments with high scarcity value is expected to rise further. This is not just a matter of age; it is due to the residential convenience offered by "today's new apartments." Features include Suji's first sky lounge, a variety of community facilities, ample underground parking, and smart home technology. It is also the first apartment in Suji to be supplied under the renewed Xi brand by GS Engineering & Construction.
In fact, price increases for new apartments have been especially steep. According to Real Estate R114, prices of new apartments (five years old or less) in the Seoul metropolitan area rose by 6.2% last year, more than 2.5 times higher than the 2.4% increase for apartments over ten years old.
Kwon Il, head of research at Real Estate Info, stated, "The fact that new supply has been cut off in proven areas like Suji and Bundang means the scarcity value of newly supplied complexes is maximized compared to existing ones," adding, "Going forward, even within the same location, the price gap between new and old apartments will widen significantly, leading to a pronounced 'asset value polarization' in these areas."
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