Gyeonggi apartment presale prices hit an all-time high of 22.56 million won per 3.3 sq. m; Ansan and Siheung draw attention as prices soar

[Financial News] Gyeonggi Province’s average apartment presale price hit an all-time high of 22.56 million won per 3.3 square meters. As presale prices soar, areas with relatively lower price burdens, such as Ansan and Siheung, are being considered as alternatives.
According to Real Estate R114 on the 16th, the average presale price of apartments in Gyeonggi Province from January to September this year was 22.56 million won per 3.3 square meters. Continuing its upward trend from 19.83 million won in 2024 and 20.89 million won last year, it set a new record for the fifth consecutive year. That was a 13.8% increase over 2024 in just two years.
By area, Guri had the highest average price, at 39.91 million won. It was followed by Bucheon (37.18 million won), Gwangmyeong (35.99 million won), Uiwang (31.55 million won) and Gwacheon (30.13 million won), bringing the number of areas above 30 million won to five. Anyang (28.63 million won), Seongnam-si (28.11 million won) and Suwon (26.78 million won) also exceeded the Gyeonggi average.
Uiwang saw a particularly sharp increase, rising from 20.58 million won in 2024 to 31.55 million won this year, a jump of at least 50% in two years. Bucheon also rose 42% over the same period. Prices for newly supplied apartments climbed steeply, particularly in major residential areas adjacent to Seoul.
Along with rising presale prices, resale prices of existing apartments also increased. As of last September, Gwangmyeong’s average resale price per 3.3 square meters was 32.23 million won, up 16.3% from 27.72 million won at the end of last year. Anyang and Uiwang also rose 11.3% and 10.0%, respectively. The average resale price across Gyeonggi Province was 20.33 million won, a 7.3% increase over the same period.
As rising presale prices make it more difficult to buy a home, nearby areas with relatively lower prices are being considered as alternatives.
For example, Ansan’s average presale price per 3.3 square meters was 22.07 million won in 2024, the most recent year for which supply figures are available. That is 13.92 million won, or about 38.7%, lower than Gwangmyeong’s average of 35.99 million won this year.
Siheung-si, which is adjacent to Gwangmyeong and Bucheon, also had an average presale price of 21.38 million won this year, below the Gyeonggi average. Osan (21.33 million won), which borders Suwon, and Icheon City (16.68 million won), near Gwangju and Yongin, also had relatively low price levels.
The large price gap leaves considerable room for demand to shift to nearby areas. In previous periods of rising prices, popular areas rose first, followed by nearby areas in a “catch-up” pattern.
According to Real Estate R114, apartment resale prices in Gwangmyeong rose 29.1% in 2020. The following year, in 2021, price increases in Ansan (34.4%), Siheung (39.4%), Osan (44.7%) and Icheon (25.3%) all exceeded Gwangmyeong’s 20.3%.
Regulatory conditions are also a factor shaping demand across areas. While regulations apply in some areas, including Gwangmyeong, Uiwang and Guri, Ansan, Siheung, Osan and Icheon are classified as areas with relatively lighter regulatory burdens.
Development projects are also underway. Major projects being discussed in Ansan include KTX service from Incheon stopping at Choji Station, a connection to Sangnoksu Station on the GTX-C line, and the development of the Ansan Science Valley into an economic free zone. The Sinansan Line is scheduled to open in Siheung, while Icheon has an established semiconductor industry base.
An industry official said, “With presale prices in popular areas near Seoul exceeding 30 million won, the financial burden on genuine homebuyers is nearing its limit,” adding, “For the time being, demand will continue to spread to areas within the same living zone that are more affordable and offer transportation and industrial development prospects.”
Against this backdrop, new apartment supply is planned in Ansan, Gwangju and Pyeongtaek, among other areas.
GS Engineering & Construction will begin sales this month for Armuse Xi, on the former site of the Homeplus Ansan store in Seongpo-dong, Sangnok-gu, Ansan, Gyeonggi Province. The development will comprise six buildings, with up to 49 floors above ground and six basement levels, and a total of 1,354 units, including 984 apartments and 370 officetel units. The apartments will have exclusive areas of 84, 99 or 104 square meters, while the officetels will have an exclusive area of 84 square meters.
In Gwangju, Gyeonggi Province, LOTTE Engineering & Construction Co., Ltd. plans to build Gyeonggi Gwangju Station Lotte Castle Signature, Complex 2, in the Ssangnyeong-dong area. The development will comprise 10 buildings, with up to 26 floors above ground and 10 basement levels, and a total of 1,249 units with exclusive areas ranging from 59 to 246 square meters.
Hanwha Corporation E&C Division is planning to sell Hanwha Forena Jije Station in Segyo-dong, Pyeongtaek-si. The development will comprise 12 buildings, with up to 27 floors above ground and two basement levels, and 1,098 units with exclusive areas of 84 or 116 square meters.
Yangwoo Construction also plans to launch Uijeongbu Station Feliz Tower Yangwoo Naeanae in November in the Uijeongbu-dong area of Uijeongbu-si. The development will have up to 49 floors above ground and six basement levels, with a total of 1,506 units: 1,252 apartments, 48 officetel units, 168 office units and 38 neighborhood commercial units.
[email protected] Choi A-young Reporter