Jeonse Prices in Seoul Surpass 700 Million Won... End Users Turn Their Attention to Non-Regulated Station Areas in Gyeonggi

[Financial News] The average jeonse price for apartments in Seoul has exceeded 700 million won for the first time ever.
According to KB Real Estate’s July national housing price trends, the average apartment jeonse price in Seoul stood at 704.58 million won. This represents an 8.49% increase from a year earlier.
The upward trend in housing costs is spreading to Gyeonggi Province. Looking at the cumulative increase in apartment jeonse price indices during the first half of this year, from January through June, Gwangmyeong City recorded the highest increase at 7.08%. It was followed by Hwaseong City at 4.99%, Hanam City at 4.85%, Anyang-si at 4.35%, and Guri at 4.22%.
Alongside rising jeonse prices, the shortage of listings is also becoming more pronounced. According to real-estate big-data company Asil, Gyeonggi Province had 12,259 jeonse listings as of the 8th, down 13.4% from six months earlier.
As rising jeonse prices and declining listings increase the housing burden, more end users are turning their attention to new developments in non-regulated areas with convenient access to Seoul.
Ssangyong Engineering & Construction plans to supply Ssangyong The Platinum Hangang in and around 212-3 Yongdam-ri, Yangseo-myeon, Yangpyeong County, Gyeonggi Province, in October. A consortium of GS Engineering & Construction, Hyundai Engineering and Construction, and Kolon Global will launch sales of Sangok Station Xi Hillstate & Hanulchae in and around Sangok-dong, Bupyeong District, Incheon Metropolitan City, in September.

[email protected] Choi A-young Reporter