Demand for Housing Shifts from Seoul to Gyeonggi and Incheon as 30-Somethings Lead Market

The 'Hillstate Icheon Station Complex 1' is nearing completion, with residents expected to move in July. [Photo by Lee Eun-byeol]

In the Gyeonggi housing market, buyers in their 30s have emerged as the most active demographic. Factors such as high housing prices in Seoul, loan regulations, and a shortage of rental properties have contributed to a growing demand for housing in areas adjacent to the capital.
According to an analysis of national statistics released on June 2, the number of apartment purchases by Seoul residents in other regions reached 3,480 in March, marking an increase for three consecutive months following 2,855 in January and 3,032 in February. A significant portion of this so-called "脱서울" (exit Seoul) demand has shifted towards Gyeonggi and Incheon, which accounted for 84.3% of purchases by Seoul residents in March.
In March, purchases of Gyeonggi apartments by Seoul residents totaled 2,637, a 26.3% increase from the previous month. Incheon also saw a rise, with 298 purchases, up 35.5%. Overall, purchases of apartments in the metropolitan area (Gyeonggi and Incheon) by Seoul residents reached 2,935, a 27.2% increase from February.
The influx of Seoul residents was particularly notable in border areas. In March, Gwangmyeong City recorded 349 total apartment transactions, with 148 (42.4%) attributed to buyers from Seoul. In Hanam City, 37.6% of buyers were from Seoul, while in Guri City, the figure was 37.3%.

Trends in apartment purchases by Seoul residents in other regions [Graphic by Ajou Economy]

In absolute terms, Goyang City led with 269 transactions, followed by Namyangju with 247, Yongin with 193, Anyang with 176, and Guri with 174. Areas with anticipated improvements in transportation, such as the GTX line and subway extensions, are seeing concentrated demand.
In Incheon, the influx of Seoul residents has also increased. In March, purchases of Incheon apartments by Seoul residents reached 298, a 35.5% increase from the previous month. The highest number of transactions occurred in Seo-gu with 104, followed by Bupyeong-gu with 77. The proportion of Seoul residents in these areas was relatively high at 13.4% and 13.0%, respectively.
As of March, the proportion of apartment purchases by Seoul residents in non-metropolitan areas remained low at 15.7%, indicating that most demand is concentrated in the metropolitan area. The highest numbers in non-metropolitan regions were recorded in Gangwon with 96 transactions, followed by Chungnam with 93 and Chungbuk with 55.
Additionally, the Gyeonggi housing market has seen 30-somethings emerge as the most active buyers. In March, of the 16,895 apartment transactions in Gyeonggi, 6,060 were made by buyers in their 30s, accounting for 35.9% of the total. This figure is 12.7 percentage points higher than that of buyers in their 40s (23.2%) and exceeds the national average (31.6%) and Incheon’s rate (30.8%).
The volume of transactions in Gyeonggi also significantly surpassed that of Seoul. During the same period, 30-somethings in Seoul made 2,794 apartment purchases, only half of Gyeonggi's total. While the proportion of 30-something buyers in Seoul was higher at 43.4%, the actual number of transactions in Gyeonggi was approximately 2.2 times greater.
Kim In-man, head of the Kim In-man Real Estate Economic Research Institute, stated, "Due to the rental crisis and high housing costs in Seoul, many first-time homebuyers, including newlyweds in their 30s, are turning their attention to the outskirts of Seoul or Gyeonggi. With the burden of housing costs and improvements in transportation, it is likely that the buying trend in Gyeonggi will continue for the foreseeable future."

* This article has been translated by AI.

LEE EUNBYEOL star@ajunews.com