This year, the volume of apartment transactions in Seoul has decreased by over 20% compared to last year, while Gyeonggi and Incheon have seen increases. Notably, transactions for apartments larger than 84 square meters have risen, indicating a shift in housing demand to metropolitan areas adjacent to Seoul.
According to data from the Ministry of Land, Infrastructure and Transport and the real estate industry on November 3, the number of apartment transactions in Seoul from January to October was 54,642, a 21.0% decrease from 69,196 during the same period last year.
In contrast, Gyeonggi Province saw an increase from 116,640 transactions last year to 135,246 this year, marking a 16.0% rise. Incheon also experienced growth, with transactions rising from 22,796 to 24,379, a 6.9% increase.
The combined transaction volume for Gyeonggi and Incheon rose from 139,436 to 159,625, reflecting a 14.5% increase. This figure is based on preliminary reports as of November 1.
The disparity in transaction volumes for apartments larger than 84 square meters was even more pronounced by region.
In Seoul, transactions for apartments of this size fell from 33,512 last year to 24,202 this year, a decrease of 27.8%. Conversely, Gyeonggi Province saw an increase from 56,983 to 66,818, a rise of 17.3%, while Incheon grew from 10,365 to 11,153, a 7.6% increase. The total transaction volume for Gyeonggi and Incheon for apartments larger than 84 square meters reached 77,971, up 15.8% from the previous year.
Particularly, areas with relatively good access to Seoul, such as Guri, Bucheon, Namyangju, and Bupyeong in Incheon, have shown an upward trend in transactions.
The rising burden of purchasing homes due to increasing apartment prices in Seoul is cited as a factor driving demand to Gyeonggi and Incheon. According to the Korea Real Estate Agency, as of October 26, the average apartment sale price in Seoul rose by 0.09% from the previous week, continuing an upward trend for 90 consecutive weeks.
As transactions for larger apartments in the metropolitan area increase, new sales in newly developed cities and residential districts adjacent to Seoul are also continuing.
On November 3, Daewoo Engineering & Construction is conducting the first priority subscription for 'Kyeonggi New City Kaive Yubora,' the first private sale complex in Incheon Gyeonggi New City. The complex will consist of 1,110 units across two underground and 15 above-ground floors in blocks AC3 and AC4.
The units will range in size from 84 to 93 square meters, with 84 square meter units making up about 80% of the total. Amenities will include guest rooms, coin laundry facilities, and storage spaces, along with planned brand commercial facilities.
In Guri, Shin-An is supplying 'Guri Galmae Station B-1 Block Shin-An Insville Descent,' which will consist of 213 units across four buildings, ranging from 75 to 84 square meters, with two underground and 18 above-ground floors. Residents will have access to Galmae Station on the Gyeongchun Line and Byeollae Station, which connects to both Line 8 and the Gyeongchun Line.
In Siheung, Kyeryong Construction is offering 'Elip Siheung The Prime,' located in the Siheung Geomo public housing district B-5 block, consisting of 338 units across two underground and 25 above-ground floors, with 304 units available for general sale.
Additionally, 'GTX Unjeong Central Station City Pradium 3 and 4 Complex' will be supplied in Paju Unjeong New City, featuring 944 units ranging from 60 to 115 square meters.
However, it is difficult to conclude that the increase in transactions in Gyeonggi and Incheon is solely due to the burden of housing prices in Seoul. Factors such as regional supply volumes, price levels, and transportation conditions also need to be considered in relation to transaction volumes.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.