“Home prices vary by up to fourfold even within the same area” ... Prices remain strong around Jije and Dongtan stations

[Financial News] Home price gaps are widening in major cities across the Seoul metropolitan area, centered on key residential neighborhoods with concentrated transport and lifestyle infrastructure. The polarization of local housing markets is becoming more pronounced, with apartments around Dongtan Station and PyeongtaekJije Station selling for two to four times as much as those in other residential areas within the same city.
On the 22nd, according to the Ministry of Land, Infrastructure and Transport (MOLIT)'s Actual Transaction Price Disclosure System, an 84-square-meter unit at Dongtan Station Lotte Castle, near Dongtan Station, sold for 2.225 billion won in June. By contrast, an 84-square-meter unit in an apartment complex of a similar age in the Jangji-dong area on the outskirts of Dongtan 2 New Town changed hands for 560 million won that same month. Despite being in the same area, the complexes saw a roughly fourfold difference in transaction prices.
Differences were also evident in price growth. According to Real Estate R114, apartment sale prices in Dongtan-gu, Hwaseong-si, rose 15.9% from January through September this year, while prices in Cheonggye-dong, near Dongtan Station, climbed 23.47%. Over the same period, the increase in Cheonggye-dong was 7.57 percentage points higher than the rise across Dongtan-gu as a whole.
A similar trend was seen in Pyeongtaek. An 84-square-meter unit at Jije Station The Sharp Central City in Jije-dong, Pyeongtaek-si, sold for 950 million won in September, setting a record high.
An 84-square-meter unit in an apartment complex in Yong-i-dong, Pyeongtaek-si, also completed in 2022, sold for 490 million won in September. That was 460 million won less than the 950-million-won sale at Jije Station The Sharp Central City.
An 84-square-meter unit in an apartment completed in 2021 in Gung-ri, Godeok-myeon, sold for 360 million won on the 6th of this month. Recent transaction prices at complexes near Jije Station are about 2.6 times as high.
The trend also differed from the overall market in Pyeongtaek-si. According to Real Estate R114, apartment sale prices in Pyeongtaek-si fell 0.34% from January through September this year, while prices in Jije-dong rose 8.02%. Price movements diverged between residential areas even within the same city.
As demand concentrates around major transport hubs, new apartments are also set to be supplied in the PyeongtaekJije Station area.
Hanwha Corporation's Construction Division is scheduled to launch sales in November for Hanwha Forena Jije Station, in the area around lot 725 in Segyo-dong, Pyeongtaek-si, Gyeonggi Province. The complex will comprise 12 buildings, with two basement levels and up to 27 floors above ground, and a total of 1,098 units. The units will have exclusive-use areas of 84 or 116 square meters. Of the 84-square-meter units, 950 will be offered: 452 Type A, 208 Type B, 168 Type C and 122 Type D, accounting for about 86.5% of the total.
The complex is located between Godeok International New Town, Brain City and old downtown Pyeongtaek. Samsung Electronics Pyeongtaek Campus is within a radius of about 5 kilometers, and Seoul Metropolitan Subway Line 1 and high-speed rail services are available at PyeongtaekJije Station.
[email protected] Choi A-young Reporter