"Why proximity to a station is a must when choosing a home"... A clear price gap

[Financial News] The "station-area premium"—where home prices diverge according to distance from a station even within the same neighborhood—is becoming increasingly evident in the real estate market.
According to industry sources on the 15th, complexes within walking distance of subway stations are highly sought after as places to live, offering both shorter commutes and convenient access to the commercial and convenience facilities clustered around stations. These advantages are reflected in actual transaction prices.
According to the Ministry of Land, Infrastructure and Transport's apartment transaction data, an 84.64-sq.-m. unit at Dongtan Station Yemiji Cygnus, in the station area of Dongtan Station on the GTX-A line in Dongtan-gu, Hwaseong, Gyeonggi Province, sold for 1.72 billion won in June. By contrast, an 84-sq.-m. unit at Dongtan Station Gyeongnam Honorsville, in the same neighborhood but relatively farther from the station, sold for 900 million won that month—a price gap of around 820 million won.
The same pattern is evident in the officetel market. An 84-sq.-m. unit at Hillstate Pangyo Station, near stations on the Shinbundang and Gyeonggang lines in Bundang-gu, Seongnam, sold for 1.42 billion won in July. Meanwhile, an 84-sq.-m. unit at Hillstate Pangyo Mobius, farther from Pangyo Station, sold for 714.8 million won, a substantial difference.
Experts expect the competitive edge of station-area complexes with strong demand from both owner-occupiers and renters to grow even stronger, despite persistent high interest rates and economic uncertainty.
Meanwhile, new developments in prime station areas with excellent transport links and infrastructure are coming onto the market in October, drawing attention.
Hyundai Engineering is offering Hillstate Seongnam Metroble, a residential officetel complex with 189 units ranging from 74 to 95 sq. m., near Dandaeogeori Station on Subway Line 8. The site is adjacent to a planned legal complex and Huimangdae Park, offering a pleasant residential environment. Raon Construction is also presenting Junghwa Station Raon Private Centro near Exit 3 of Junghwa Station on Subway Line 7. The development comprises 176 apartment units and 74 officetel units, for a total of 250 units. Residents will have convenient access to natural surroundings and abundant everyday amenities, including Jungnangcheon Stream and Junghwa Sports Park.
POSCO E&C is offering Acmer Dongtan, a development with 1,808 households, near the planned Bansong Station (provisional name) on the Dongtan-Indeogwon Line. Dongtan Station, one stop from Bansong Station, provides access to the GTX-A and KTX. City Construction is supplying GTX Unjeongjungang Station City Pradium, a 944-unit apartment development within walking distance of Unjeongjungang Station on the GTX-A line. Once the entire line opens, fast access to places including Samseong Station in Seoul is expected.  IPARK Hyundai Development Company plans to offer IPARK Mudeungsan Sky Foret in Hak-dong, Dong-gu, where it is near Namgwangju Station on Gwangju Metro Line 1 and will become a double station-area location when Line 2 opens. Of the development's 2,299 households, 1,387 will be offered for general sale.

[email protected] Jeon Min-gyeong Reporter