“Once one area was put under restrictions, its neighbors took off”... Home price gains widen in Bucheon, Hwaseong and Uijeongbu

[Financial News] Apartment prices are rising faster in non-regulated areas such as Bucheon, Hwaseong and Uijeongbu. With Hwaseong’s Dongtan District, Yongin’s Giheung-gu and Guri newly designated as regulated areas in July, concerns are growing about a possible balloon effect, as buyer demand shifts to areas facing relatively fewer restrictions.
According to the Korea Real Estate Board’s weekly apartment price report released on the 21st, apartment prices in Wonmi-gu, Bucheon, Gyeonggi Province, rose by a cumulative 2.63% from January through June this year, then climbed 3.37% from July through the first week of October. The increase over this shorter period was greater than in the preceding six months.
Byeongjeom-gu in Hwaseong showed a similar trend. Its cumulative gain in the first half of this year was 2.30%, while prices rose 4.60% over the approximately three months since July. Uijeongbu’s gain increased from 1.03% to 1.24% over the same comparison, while Yangju shifted from a 0.35% decline in the first half to a 0.58% increase after July.
Prices in non-regulated areas of the Capital Metropolitan Area have been rising since additional real estate restrictions were announced at the end of June. On June 30, the Ministry of Land, Infrastructure and Transport newly designated Dongtan District in Hwaseong, Giheung-gu in Yongin, and Guri as speculative overheating zones and areas subject to adjustment. The restrictions took effect on July 1, and from July 5 the three areas were also included in land transaction permit zones.
In particular, home price gains in southern Gyeonggi Province have followed a “catch-up” pattern and have recently been spreading into the Northern Gyeonggi region.
Transactions in the ₩1 billion range have also been recorded in Uijeongbu. According to the Ministry of Land, Infrastructure and Transport’s actual transaction data, a 98-square-meter unit at Uijeongbu Station Central Xi & We’ve Castle in Uijeongbu-dong sold for ₩1.05 billion in September, setting a record high. A presale right for a 112-square-meter unit at The Sharp Uijeongbu Station Link City also sold for ₩1.06844 billion in July.
“As regulated areas expand across the Capital Metropolitan Area, we are seeing demand flow into major areas that are not yet subject to restrictions,” an industry official said. “In particular, home prices are rising steadily in places like Uijeongbu, which have development catalysts such as the start of GTX construction. We expect homebuyers to continue trying to get ahead of further restrictions by securing a home before those areas are added to the list.”
As existing apartment prices continue to rise in non-regulated areas of the Capital Metropolitan Area, new housing launches are also planned in those areas.
Yangwoo Construction plans to launch sales in November for Uijeongbu Station Feliz Tower Yangwoo Naeanae, to be built near lot 424 in Uijeongbu-dong, Uijeongbu-si, Gyeonggi Province. The complex will have six basement levels and up to 49 floors above ground.
In Incheon, Dongbu Construction plans to launch sales this month for Geomdan Centerville Grand Foret in Oryu-dong, Geomdan-gu. The development will comprise nine buildings, with up to 27 floors above ground and three basement levels, and a total of 843 units with exclusive-use areas of 59, 74 and 84 square meters. It is being developed under a private park special-exemption project that will include Geomdan No. 16 Neighborhood Park, with a specially designed connection between the complex and the park.
GS Engineering & Construction plans to unveil Ar Musee Xi in November on the former site of the Homeplus Ansan store in Seongpo-dong, Sangnok-gu, Ansan, Gyeonggi Province. The development will have six basement levels and up to 49 floors above ground, with a total of 1,354 units, including 984 apartments and 370 officetels. Sculptures and other features reflecting an art-focused concept are planned for the complex.
LOTTE Engineering & Construction Co., Ltd. plans to launch sales this month for Gyeonggi Gwangju Station Lotte Castle Signature Phase 2 in Ssangnyeong-dong, Gwangju, Gyeonggi Province. The development will comprise 1,249 units; combined with the 1,077 units in Phase 1, which was launched earlier, it will form a branded complex of 2,326 units.
[email protected] Choi A-young Reporter