Seoul Home Prices Surpass 1.6 Billion Won... Seven in 10 People Leaving Seoul Move to Gyeonggi Province or Incheon

[Financial News] The exodus of Seoul residents continued during the first half of this year. With apartment sale and jeonse prices in Seoul rising sharply, areas in Gyeonggi Province and Incheon offering excellent residential environments and convenient transportation networks are emerging as major alternatives.
According to KB Real Estate on the 17th, the average apartment sale price in Seoul stood at 1.60739 billion won as of August this year, while the average jeonse price reached 711.78 million won. Both surpassed 1.6 billion won and 700 million won, respectively. The apartment sale price index and jeonse price index also continued to trend upward from the beginning of the year.
According to the Ministry of Data and Statistics’ domestic population movement statistics, a total of 256,337 people moved out of Seoul during the first half of this year amid the housing cost burden. Of these, 154,629 moved to Gyeonggi Province and 22,690 to Incheon. Together, the two destinations accounted for 69.2%, or 177,319 people, of the total. In other words, seven out of every 10 people leaving Seoul headed to another area of the capital region.
By region, moves were concentrated in areas adjacent to Seoul’s existing living zones or connected by rail networks. In the northern area, inflows were particularly notable into Goyang, which has Subway Line 3 and the Gyeongui-Jungang Line as well as the Metropolitan Area Rapid Transit Line A (GTX-A), with 15,449 new residents, and Uijeongbu, served by Subway Line 1, with 7,220. In the eastern area, residential development expanded mainly in Namyangju, where rail connectivity improved following the opening of the Byeollae Line, with 9,863 new residents, and Hanam-si, along Subway Line 5, with 7,888. In the western and southwestern areas, demand was distributed across Gwangmyeong-si, with 9,707 new residents, Bucheon, with 8,480, and Gimpo, with 6,537, as well as Seo-gu and Yeonsu-gu in Incheon, home to large planned cities such as Geomdan, Cheongna, Songdo International City, and Yeongjong. In the southern area, population flowed into Seongnam, which has its own employment base including Pangyo, with 12,317 new residents, and Yongin, with 10,661, absorbing demand from southeastern Seoul.
As demand to leave Seoul continues, attention is turning to the large number of promising new apartment presales scheduled for the second half of the year in major areas of the capital region, including Gyeonggi Province and Incheon.
In Gyeonggi Province, LOTTE Engineering & Construction plans to begin sales in September for Gyeonggi Gwangju Station Lotte Castle Signature Phase 2, a 1,249-unit complex in Ssangnyeong-dong, Gwangju. In October, Acmer Dongtan, an 1,808-unit complex in Bansong-dong, Dongtan-gu, Hwaseong, will be built by POSCO E&C, while Hanwha Forena Jije Station, a 1,098-unit complex in Segyo-dong, Pyeongtaek, is being prepared for presale by Hanwha Corporation’s E&C Division. The reconstruction project at Paldal District 1 in Uman-dong, Paldal-gu, Suwon, is also scheduled for presale in December.
New housing supply is also active in Incheon. Geomdan Centerville Grand Foret, an 843-unit complex in Oryu-dong, Geomdan-gu, will go on sale this month. In addition, Bando Engineering & Construction plans to supply Gyeyang New Town Kaive Ubora, a 1,110-unit complex, in October in Gyeyang New Town, one of the Third New Towns scheduled to welcome its first residents this year. With large-scale housing supply underway and the new town’s development entering full swing, the area is expected to become a major residential alternative for actual housing demand from western Seoul.

[email protected] Jeon Min-kyung Reporter