“Not all station areas are created equal” ... ‘Triple-station-area’ neighborhoods are driving up home prices

[Financial News] As the Seoul metropolitan area’s regional transit network becomes denser, apartments with access to multiple rail lines are drawing attention. In particular, pent-up demand is steadily growing for multi-line station-area properties, especially in “triple-station-area” locations where three or more lines intersect, helping prices maintain an upward trend.
According to the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system on the 15th, an 84-square-meter unit at Dong-A Cheongsol in Chang-dong, Dobong District, Seoul, sold for 1.237 billion won in June. That was 207 million won more than its January transaction price of 1.03 billion won. Changdong Station, near the complex, is currently served by Seoul metropolitan rail Lines 1 and 4; when GTX-C opens, passengers will be able to use three lines.
Prices also rose in the area around Cheongnyangni Station in Dongdaemun District. An 84-square-meter unit at Cheongnyangni Station Lotte Castle SKY-L65 changed hands for 2.14 billion won in July, up 180 million won from its January transaction price of 1.96 billion won. Cheongnyangni Station is a transportation hub with access to multiple rail lines, including Seoul metropolitan rail Line 1, the Gyeongui–Jungang Line and the Gyeongchun Line.
A similar trend is continuing in Uijeongbu, in the Northern Gyeonggi region, where GTX-C is planned in addition to Line 1, light rail and the Gyoe Line. According to the Korea Real Estate Board’s weekly apartment price trends, apartment prices in Uijeongbu have risen for 23 consecutive weeks, from a 0.05% increase in the first week of May to a 0.11% rise in the first week of October.
A real estate industry source said, “Multi-line station areas, including triple-station-area locations, not only draw a broad base of demand from surrounding areas but also naturally develop major commercial and cultural infrastructure around those hubs.” The source added, “With construction of GTX-C now in full swing, the area around Uijeongbu Station is expected to combine major transportation benefits with abundant infrastructure, providing strong price resilience and significant gains in value even during periods of market volatility.”
Amid expectations of improvements to the transit network, apartments marketed for their access to multiple rail lines are also scheduled to be supplied in the fourth quarter.
Yangwoo Construction will offer Uijeongbu Station Felice Tower Yangwoo Naeanae for sale this November in Uijeongbu-dong, Uijeongbu, Gyeonggi Province. The development will have six basement levels and up to 49 floors above ground, with 1,506 units in total. It will comprise 1,252 apartment units, 48 officetel units, 168 office units and 38 neighborhood commercial units.
In Busan, BS Hanyang will supply Yeonsan Station Sujain Centrio through the Sambo Apartment Block Housing Redevelopment Project in Yeonsan-dong, Yeonje District. Of the 335 units in total, 139 will be offered for general sale. Yeonsan Station, an interchange for Busan Metro Lines 1 and 3, and Gyodae Station, served by Line 1 and the Donghae Line, are both within walking distance.
In Mullae-dong 3-ga, Yeongdeungpo District, Seoul, Hyosung Heavy Industries plans to launch Harrington Place Mullae in November. The development will have three basement levels and 29 floors above ground, with 218 units, all with an exclusive area of 84 square meters. Nearby stations include Mullae Station on Line 2; Yeongdeungpo Station, served by Line 1 and KTX; Yeongdeungpo-gu Office Station on Lines 2 and 5; and Yeongdeungpo Market Station on Line 5.

[email protected] Choi A-young Reporter