While Gwanggyo Rose by 400 Million Won, Dongtan Jumped by 1 Billion Won... This Area Is No Less Attractive Than Wangsimni New Town

[Financial News]#. The 84-square-meter unit at Jaeun & Hillstate, the flagship complex in Suwon's Gwanggyo New Town, has topped 2 billion won for the first time. According to data from the Ministry of Land, Infrastructure and Transport, it set a new record in June after changing hands for 2.01 billion won on the 14th floor.Competition between Gwanggyo in Suwon and Dongtan in Hwaseong is intensifying as they vie for the title of the leading new town in southern Seoul's metropolitan area. Gwanggyo New Town has long held that role, thanks to its geographic advantages. But recent changes are drawing attention.
An analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport on the 22nd showed that over the past five years, prices for 84-square-meter units in the flagship complexes rose by 400 million won in Gwanggyo, compared with a 1 billion won increase in Dongtan.
In Gwanggyo's leading complex, Jaeun & Hillstate, the highest price for an 84-square-meter unit in 2021 was 1.63 billion won. At the time, the highest price for a standard-size unit in Dongtan New Town's leading complex, Dongtan Station Lotte Castle, was 1.2 billion won. Gwanggyo was 400 million won more expensive. In Dongtan, transactions in the 800 million won range were also fairly common.
Through last year, Gwanggyo still led in standard-size prices at the flagship complexes. But the situation changed this year. The highest price in Dongtan's leading complex reached 2.225 billion won, while Gwanggyo's top price was 2.01 billion won, meaning Dongtan traded at a level 200 million won higher.

Looking at the peak prices from 2021 to 2026, Gwanggyo rose from 1.6 billion won to 2 billion won, an increase of 400 million won, or about 25 percent. Dongtan, by contrast, climbed from 1.2 billion won to 2.2 billion won, a gain of 1 billion won, or 83 percent. Gwanggyo's first move-in date was July 2011. In Dongtan, District 1 began in January 2007, while District 2 started in January 2015, leaving little difference from Gwanggyo.
Yonsei University professor Ko Jun-seok said Dongtan's rise to the top was largely driven by a new perception of the area in terms of scale, access to Gangnam, and jobs. He added, "Considering factors such as GTX and the development of the Yongin Semiconductor Cluster, there is a strong chance that Dongtan will continue to hold its position as the leading new town in southern Seoul's metropolitan area."
There are also concerns that Dongtan New Town's value is being priced too aggressively. Some say it is being overshot as semiconductor bonus expectations are already reflected in prices. Park Won-gap, a senior real estate expert at KB Kookmin Bank, said, "Standard-size units in Wangsimni New Town are also trading at 2.2 billion won," adding, "It seems Dongtan apartments have risen beyond their fair value, especially around the flagship complex."
[email protected] Lee Jong-bae Reporter