Will Housing Be Supplied on the Race Park Site This Time? Mixed Expectations and Opposition in Gwacheon

Backlash from Residents and Local Governments Against Government Supply Policy
Positive Real Estate Outlook If Infrastructure Expands
"Inquiries Only to Gauge the Mood"

View of Gwacheon Racecourse Park. Photo by Lee Jungyoon

"There have been many talks in the past about relocating Gwacheon Race Park. Whether it will actually happen remains to be seen," said a representative from a real estate agency near Gwacheon Race Park.

The government has announced a plan to relocate both Gwacheon Race Park and the Defense Security Command, and to develop the area into a complex with 9,800 new housing units. The local response is one of cautious observation. While the plan sounds plausible, there is still skepticism about whether it will be carried out. Residents and the local government have voiced opposition, and even within the Korea Racing Authority, which would be directly affected, there has been discontent. However, some expect that if the race park is actually relocated and a mini-new town with infrastructure is established, it could have a positive impact on the local real estate market.

On January 29, the day the government announced its plan, a representative from a real estate agency in Gwacheon-dong, Gwacheon City, near the race park, said, "After the government announcement, we received two or three calls inquiring about land or villa sales," adding, "So far, there have only been inquiries to gauge the mood, since it is just an announcement and no one knows when or how the project will proceed."

Gwacheon, adjacent to Seoul, has long been considered a popular area for homebuyers, with expectations of new housing supply already reflected in the market for several years. Sales transactions have been steady, but recently, except for rental transactions, sales have become limited. Another real estate agent commented, "The race park moved from Ttukseom to Gwacheon in 1989, and there have been people buying land or villas thinking it might move again within a few years," adding, "Those who wanted to sell have already sold, and perhaps because prices have risen so much, there have been no recent transactions."

The newly announced housing supply site is close to Gyeongma Park Station on Subway Line 4 and offers convenient access to major transportation networks such as the Gyeongbu Expressway. The Ministry of Land, Infrastructure and Transport plans to create a residential area with close proximity to workplaces, linking it to the popular Gwacheon and Juaam housing districts. The government also intends to establish the Gwacheon AI Techno Valley and attract high-tech companies. Together with the Ministry of Agriculture, Food and Rural Affairs and the Ministry of National Defense, the government aims to finalize the relocation plan within the first half of this year. The goal is to designate the district and begin construction simultaneously by 2030. The plan is to relocate the race park to another area in Gyeonggi Province, but specific measures will be discussed with the Korea Racing Authority.

There is strong opposition from local governments and residents to the government policy. With four public housing projects already underway in Gwacheon (Gwacheon-Gwacheon District, Juaam District, Knowledge Information Town, and Galhyeon District), many believe there is already an oversupply. Concerns have been raised that forcing additional housing into Gwacheon, where infrastructure such as transportation is lacking, could lead to overcrowding.

On January 23, Gwacheon Mayor Shin Gye-yong stated, "We are firmly opposed to the designation of additional housing supply sites in the region, in solidarity with the citizens." The Korea Racing Authority labor union also issued a statement, criticizing the move as "a typical example of unilateral and uncommunicative administration, carried out without any consultation with the public institution involved." The statement went on to say, "In a rush ahead of the election, this act shakes the foundation of the horse industry, a key national industry, and tramples on the livelihoods of 24,000 workers. We will never stand by and watch."

Even if the relevant ministries pledge cooperation, there are doubts about whether the supply plan can actually move forward if opposition from residents and local governments continues. Some view the situation pessimistically, saying that even if the plan is finalized, it will be difficult to accelerate progress. Nevertheless, others believe that if the race park is relocated and housing supply becomes more visible, the local real estate market could expand and transactions could increase, leading to positive effects.

A realtor in Byeoryang-dong, an area dense with apartment complexes, said, "Trust in supply policies has declined after seeing the third new town project delayed beyond its original schedule," but added, "If transportation issues are resolved and housing supply actually materializes, the commercial area could also grow, bringing noticeable changes not only to the local real estate market but also to residents' daily lives."