"Will It Outshine Gangnam in 10 Years?"...Urban Historian Names a Promising Area

[Financial News] As demand from people seeking to buy homes outside Seoul due to the burden of apartment prices in the capital has shifted in large numbers toward the outskirts of Gyeonggi Province, an urban historian’s analysis suggests that industrial hubs in the central region—including northwestern Cheongju, Cheonan, and Asan—are emerging as key residential and investment areas with strong prospects for taking over the Seoul metropolitan area’s future expansion.

Dr. Kim Si-deok appeared on the YouTube channel 'Apartment Cycle Research Institute' on the 8th and presented his views on Seoul’s recent population outflow, urban expansion driven by the expansion of the Seoul metropolitan area’s transportation network, and a central-region megacity plan aimed at curbing regional depopulation.
Dr. Kim assessed that "the population gap between Seoul and Gyeonggi Province, which began to reverse in the early 2000s, has widened to about 1.5 times," adding, "While Seoul’s population has fallen to around 9.3 million, Gyeonggi Province has surpassed 14.05 million, and the population shift out of Seoul continues."
Referring in particular to construction sites for the extension of Subway Line 9 and the areas around third-generation new towns such as Namyangju Wangsuk and Jinjeop, he said, "If you go there now, they are constantly digging up the land, which reminds me of the explosive expansion seen during the development of Yeongdong in Gangnam 60 years ago." The analysis indicates that development pressure is intensifying on the outskirts of the capital region, particularly along the axes where metropolitan rail networks are expanding toward Uijeongbu, Yangju, and Pocheon, which are benefiting from the extension of Line 7.
Dr. Kim cited the 'dilemma with regional depopulation' as the reason the government cannot easily introduce another large-scale housing-supply plan. He pointed out, "If the government creates a massive fourth-generation new town in Gyeonggi Province to curb housing prices in Seoul, it could further accelerate population outflows from local areas, leaving the government in a difficult position." He also stressed that the decline of local areas cannot be blamed solely on the capital region, noting that local governments themselves have contributed to the hollowing-out of city centers by neglecting old downtown areas while excessively developing suburban housing sites and relocating administrative agencies.
As an alternative to promote balanced national development and counter population decline, Dr. Kim proposed a '500-million-person central-region megacity centered on Sejong City.' He argued that the two-pole system centered on the Seoul metropolitan area and the southeastern region centered on Busan has limitations, and that an independent living and economic zone linking Daejeon—Dunsan and Yuseong—with Cheongju—Osong—should take root, with Sejong City serving as its hub.

He paid particular attention to industrial belts with abundant jobs in the Chungcheong region. Dr. Kim called the northwestern Cheongju area—where Osong, Ochang, Cheongju International Airport, and SK hynix converge—the 'front line of expanding Gangnam' and identified it as the area with the greatest potential. He then pointed to the triangular area around Asan, where Cheonan–Asan Station, Samsung Electronics’ Onyang Campus, and a display complex are located, as well as parts of Eumseong County and Jincheon County’s Chungbuk Innovation City, as industrial hinterlands with high future value.
Responding to speculation that his mention of specific areas might be linked to real estate interests, Dr. Kim dismissed the suggestion, saying, "I have no connection to those areas and do not own any land there at all."
Meanwhile, the real estate market in Seoul’s Gangnam-gu, the core of 'expanding Gangnam,' appears to have undergone short-term adjustments in both sales and jeonse transactions recently. As of the end of August, Gangnam-gu’s registered population stood at 552,357, down 274 from the previous month and marking a gradual decline. According to the Korea Real Estate Board (KREB), apartment sale prices in Gangnam-gu fell 0.41% in the fifth week of August, led by Apgujeong and Daechi-dong, marking a fourth consecutive week of weakness. Jeonse prices also declined 0.13%.
However, according to Zigbang’s analysis, Gangnam-gu home sale prices have maintained a cumulative 6.8% increase over the past year. This suggests that, even amid a short-term pause, the influence of the development axis spreading toward southern Seoul and the Chungcheong region remains a key long-term trend to watch.
[email protected] Moon Young-jin Reporter