Incheon apartment prices jumped by 0.82% and are increasing for 3 consecutive weeks
Quotes run everywhere and deals increase
“It rose less compared to Gyeonggi-do…panic buying”
View of Incheon Cheongna International City apartment. /yunhap news
“Recently, there are too many inquiries about buying an apartment. There are about 10 people who will come to see the house on weekends.”
Incheon, which was relatively marginalized even in the real estate craze in the metropolitan area, is showing strength in recent years. Not only the price, but also the jeonse price is rising. During that time, the rate of increase was relatively low while the prices of houses in the nearby metropolitan area rose significantly, and traffic was expected to be favorable.
Increased increase for 3 consecutive weeks
According to KB Kookmin Bank on the 27th, the sale price of apartments in Incheon rose 0.82% last week, recording a high rate of increase. It is increasing its gain for three consecutive weeks. After recording 0.63% in the first week of March, it increased to 0.74% and 0.82%. Last week, Seoul and Gyeonggi recorded 0.24% and 0.60%, respectively, which is in contrast to the decline from the previous week (0.28% and 0.64%, respectively).
In one month, the actual transaction price rose more than 150 million won to the complex. Samsan Town Complex 6 (84m² for exclusive use) in Samsan-dong, Bupyeong-gu, was reported as an actual transaction for 654 million won (7th floor) in January, but last month it was traded for 800 million won (15th floor). In addition to Bupyeong, apartments near Incheon City Hall also rose more than 100 million won from the beginning of this year.
In Songdo International New Town, Yeonsu-gu, there are cases where medium-sized apartments are traded for 1 billion won. The 84㎡ for exclusive use of’Songdo Central Park Prugio’ was traded at 1,135 million won in January. Songdo is the best price for the same area. The nearby’Songdo The Sharp Master View’ (23-1 block) also changed hands for 1.05 billion won the same month. As of this year, there are only 12 transactions in Songdo that exceeded 1 billion won on a 84㎡ basis.
Even if the bid price rises by 200 million won… Deal’Mugwort’
As apartment prices skyrocket, transactions are rapidly increasing. In the case of 84 square meters dedicated to’Yooseunghannaedul Edu Park’, which once suffered from unsold sales, the amount of money in excess of 200 million won was added compared to the sales price, but local brokerages say that there are still not a few consumers. According to the Ministry of Land, Infrastructure and Transport, from the end of last year (December) to last month, the total volume of housing transactions in Incheon was 23,938, with an average of 265.9 transactions per day. This is a 59.3% increase from the average daily trading volume (166.9 transactions) in the previous three months (September to November last year).
A view of an apartment located in Geomdan New City, Incheon. /Hankyung DB
The reason for the significant increase in transactions was as the demand for my home was pushed to Incheon. House prices in Gimpo, Paju, and Goyang have risen significantly in western Gyeonggi Province last year due to the wind from unregulated regions. Accordingly, it is analyzed that homeless end users, tired of the jeonse crisis, have left Seoul and started to buy the Incheon area, which is believed to have risen relatively less. It means’panic buying’ is taking place in the Incheon area. According to statistics from the Korea Real Estate Agency, the number of Incheon apartments purchased by residents of Seoul last year was 11,833, up 48% from 7992 in 2019.
In addition, there is a growing expectation for the improvement of various transportation environments such as the Metropolitan Express Railway (GTX), the 2nd Gyeongin Line, the 3rd Yeonryuk Bridge, and the Wolpan Line. Incheon is part of the GTX B and D routes, and traffic conditions are expected to improve in the long term. GTX-B is a route that departs from Songdo, Incheon, passes through Yeouido, Seoul Station, and Cheongnyangni to Maseok, Namyangju. GTX-D has not been confirmed yet, but both routes proposed by Gyeonggi-do (Geomdan-Hanam proposal) and Incheon (Incheon Airport-Bucheon and Gimpo-Bucheon proposals) include Incheon.
An official from Yeonsu-gu I official said, “Incheon is still perceived that prices have risen less than other areas in the metropolitan area.” “People who come to buy houses here ask a lot about the good news of the GTX line.” The number of buyers increased rapidly as there were concerns that the government’s housing supply measures such as the 3rd new town would be delayed as the LH land speculation situation emerged. “Mainly, young couples often come to buy mid- to low-priced apartments,” he said.
Ahn Hye-won, Hankyung.com reporter [email protected]