Apartment prices in the Gyeonggi Province are rising more sharply than in Seoul. The southern regions of Gyeonggi, including Bundang in Seongnam, Yeongtong in Suwon, and Dongtan in Hwaseong, are driving this upward trend, resulting in Gyeonggi's overall price increase outpacing that of Seoul.
According to the Korea Real Estate Agency's report released on October 15, the average apartment sale price in Gyeonggi rose by 0.26% for the week ending October 12, an increase from the previous week's 0.18% rise.
In contrast, Seoul's price increase was 0.16%, up from 0.12% the prior week, while Incheon saw a rise of 0.03%, compared to 0.02% the week before. The gap between the price increases in Gyeonggi and Seoul widened from 0.06 percentage points last week to 0.10 percentage points this week. Although prices in Seoul continued to rise, Gyeonggi's increases were more significant.
This trend is also reflected in statistics from KB Real Estate. In its weekly report released on the same day, KB Kookmin Bank noted that as of October 12, Gyeonggi's apartment sale prices increased by 0.21%, up from 0.19% the previous week. Meanwhile, Seoul's increase slowed from 0.15% to 0.14%.
Bundang, Yeongtong, and Dongtan Show Significant Price Increases
The price trends indicate a notable rise in southern Gyeonggi. According to the Korea Real Estate Agency, Bundang in Seongnam saw a 0.79% increase, up from 0.56% the previous week.
Yeongtong in Suwon rose by 0.69%, an increase from 0.62% the prior week, driven by major complexes in Yeongtong and Maetan-dong. Dongtan in Hwaseong recorded a 0.66% increase, doubling the previous week's 0.33% rise.
KB Real Estate data also confirmed the upward trend in southern Gyeonggi. Byeongjeom in Hwaseong topped the list with a 0.96% increase, followed by Paldal in Suwon at 0.78%, Dongtan in Hwaseong at 0.7%, Gunpo at 0.68%, Gwonseon in Suwon at 0.59%, and Sujeong in Seongnam at 0.58%. A representative from KB Real Estate stated, "The price increase in Byeongjeom is centered around complexes near Byeongjeom Station and large developments near Samsung Electronics' Hwaseong facility. In Paldal, the influx of buyers due to rising prices in adjacent Yeongtong and Dongtan has led to significant increases in older apartments in Hwaseo-dong and complexes near Maegyo and Ingyo-dong stations."
Gangnam District Apartment Prices Decline, Outer Areas Surpass Seoul Average
In Seoul, the trends diverged between the Gangnam and non-Gangnam areas. According to the Korea Real Estate Agency, apartment prices in the 14 districts north of the Han River rose by 0.31%, while the 11 districts in Gangnam only saw a 0.04% increase.
Jungnang District recorded the highest increase among Seoul's 25 districts at 0.42%, followed by Seongbuk at 0.41%, Seodaemun at 0.4%, Dobong at 0.39%, and Nowon at 0.37%, all exceeding the average.
Conversely, Gangnam District experienced a decline, with major complexes in Apgujeong and Yeoksam falling by 0.35%. Prices in Seocho and Songpa also dropped by 0.27% and 0.21%, respectively, marking nine consecutive weeks of decline for both Gangnam and Seocho.
The cumulative increase also widened the gap. Seongbuk has risen by 15.68% this year, while Gangnam has seen a 0.95% decline, resulting in a difference of 16.63 percentage points.
KB Real Estate statistics further revealed that Dobong (0.36%), Jongno (0.3%), and Seongbuk and Dongdaemun (each at 0.29%) recorded increases more than double the average rise in Seoul (0.14%). Jungnang (0.26%), Gangseo (0.25%), Geumcheon (0.22%), and Guro (0.21%) also reported increases in the 0.2% range. In contrast, Gangnam (-0.07%) and Seocho (-0.02%) experienced declines.
Nam Hyuk-woo, a real estate researcher at Woori Bank, noted, "Due to policy uncertainties and concerns over prolonged high interest rates, buyer sentiment in the Gangnam District is subdued. In contrast, areas like Seongbuk are experiencing limited price declines due to a shortage of available listings."
* This article has been translated by AI.
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