The phenomenon of price synchronization, where the upward trend in apartment prices originating in Gangnam, Seoul spreads to neighboring areas such as Bundang and Suji in Yongin, has become increasingly evident. This is due to demand shifting from Gangnam, where prices have become burdensome, to geographically adjacent areas like Bundang and Suji, which share the same living sphere.
According to an analysis by Real Estate Info, which examined apartment sale price trends in Gangnam, Bundang, and Suji over the past six years using data from Real Estate R114, these areas have exhibited similar patterns.
This is attributed to the Shinbundang Line, often called the "golden line," which connects these regions into a single economic zone. As a result, they form a real estate community of shared destiny, offering the same pool of buyers different price points for similar options.
◆ The Era of 2.6 Billion Won Apartments in Bundang, the Return of the "65% Rule"
According to Real Estate R114, in November, the average apartment price in Gangnam District surpassed 3.187 billion won, reaching an all-time high.
Apartment prices in Bundang have also surged. The presale price for an 84-square-meter unit at "The Sharp Bundang Tier One" reached as high as 2.684 billion won. In the November first-round subscription, it recorded an average competition ratio of 100.4 to 1, heating up the market. Contracts are proceeding smoothly, making an early sell-out almost certain.
In October, Bundang saw a series of record-high transactions. An 84-square-meter unit at "Siheom Samsung Hanshin" was sold for 2.185 billion won, setting a new price record. Similarly, an 84-square-meter unit at "Siheom Woosung" changed hands for 1.993 billion won, marking the highest price for that complex. Even "Park View," an 84-square-meter unit with no redevelopment issues, was sold for 2.59 billion won in October, also setting a new record.
The market's attention is now naturally turning to Suji. This is due to the so-called "65% rule," which states that Suji's prices have historically remained at about 65% of Bundang's. An analysis of Real Estate R114 data shows that, over the past six years, the average apartment sale price in Suji District has remained at 65.4% of Bundang's. With the standard apartment size in Bundang now firmly in the mid-2 billion won range, applying the 65% rule suggests that Suji's standard units could rise to the mid-1.5 billion won range.
In fact, an 84-square-meter unit at "Seongbok Station Lotte Castle Gold Town" in Suji District was sold for 1.55 billion won in October, confirming these expectations. Similarly sized units at "E-Pyunhansesang Suji" have also been traded at 1.45 billion won, showing a steep upward trend.
In particular, both Bundang and Suji have seen very limited new supply, which is likely to drive up the prices of newly built apartments even further. According to Real Estate R114, only about 1,900 apartment units have been supplied in Bundang and Suji combined from 2020 to this year.
Against this backdrop, GS Engineering & Construction's "Suji Xi Edicion" (a total of 480 units), being built in Pungdeokcheon-dong, Suji District, Yongin, is attracting attention ahead of its year-end launch. The complex offers convenient pedestrian access to Dongcheon Station and Suji District Office Station on the Shinbundang Line, and all units are spacious, mid-to-large-sized apartments of at least 84 square meters. The upper floors will feature amenities such as a sky lounge and guest house.
A sales representative said, "When Bundang prices rise, Suji tends to follow with a time lag due to a learning effect. Given the current prices in Bundang, there is a growing perception that Suji is undervalued. In particular, there is steady interest from buyers in the Bundang and Pangyo areas who are looking for both residential and investment opportunities, especially in newly built complexes offering rare, larger unit sizes and specialized designs."
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