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The brokerage offices around Sangnoksu Station on Subway Line 4 in Ansan, Gyeonggi-do have recently made a big break. This is because the steps to buy nearby apartments are continuing. As rumors circulating that the metropolitan area express railway (GTX)-C line could stop in Sangnoksu area, the demand for investment struck. Buyers waiting in line at the door of the agency, waiting for their turn, or photos of the agency with a notice that the sale was out, became a hot topic in the online real estate community. The 44㎡ exclusive area for the’World Apartment’ in Bono-dong, Ansan, the closest to Sangnoksu, was changed to 280 million won on the 22nd of last month, just before news about GTX began. The recent bid price reached 500 million won. The unconfirmed rumors of the GTX construction alone have led the house price to rise by over 200 million won.
GTX is lighting up housing prices in the metropolitan area. Whenever news of the business progress comes out, investors flock to the house prices in Goyang, Yangju, and Paju by hundreds of millions of dollars in a short period of time. In the outskirts of Gyeonggi where the GTX route is scheduled, the house price is relatively cheap compared to Seoul, so it is an atmosphere that includes’panic buying’ for young people. Experts advise to pay attention to stations with good accessibility in the Gangnam area of Seoul, which is relatively less elevated, despite being cautious about investment.
Greatly improved accessibility to Seoul
GTX is an express train that connects downtown Seoul from the outskirts of the metropolitan area such as Gyeonggi and Incheon. In 2007, Gyeonggi-do proposed to the Ministry of Land, Transport and Maritime Affairs (then the Ministry of Land, Transport and Maritime Affairs) and started promoting. The plan is to make a straight line by drilling a tunnel less than 40m underground and run at a maximum speed of 200km/h and three times faster than regular subways to connect from the entire metropolitan area to downtown Seoul within an hour. Three routes are planned: A (Paju-Dongtan), B (Namyangju-Songdo), and C (Yangju-Suwon).
The closest opening is the line A that connects the northwest and southeast of the metropolitan area. Starting from Unjeong, Paju, Ilsan Kintex (photo), Daegok, Yeonsinnae, Seoul Station, and then to Samsung and Suseo, stop at Seongnam, Yongin, and Dongtan, Gyeonggi-do. In addition, Goyang Changneung Station was added at the end of last year. As early as when it opens at the end of 2023, it will take 17 minutes from Ilsan to Samseong Station and 16 minutes from Paju to Seoul Station.
The B·C route has not yet made its first break. Line B, which stops at Incheon Songdo International City, Incheon City Hall, Bupyeong, Bucheon Sports Complex, Seoul Sindorim, Yeouido, Yongsan, Seoul Station, Cheongnyangni, Mangwoo Station, Namyangju Byeolnae Station, Pyeongnae-Hopyeong, Maseok, etc., started construction in 2022 and started construction in 2027. The goal is to open in year. It is expected to take about 24 minutes from Songdo to Yongsan. Likewise, the C route, which is scheduled to open in 2027, runs from Suwon, Gyeonggi-do to Geumjeong, Government Gwacheon Government Complex, Yangjae, Seoul, Samsung, Cheongnyangni, Gwangwoondae, Changdong, Uijeongbu, Gyeonggi, and Deokjeong, Yangju.
Prices surge along GTX routes
The areas where house prices have risen the most in the recent metropolitan area are all GTX stations. According to the Korea Real Estate Agency, house prices in Goyang city rose 3.04% last month, recording the highest rate in the metropolitan area. Goyang City has KINTEX and Daegok Stations of Route A and Changneung Station. In particular, since the announcement of the new Changneung Station in December of last year, the trend has continued to rise, centering on apartments in Samsong and Wonheung districts, Deogyang-gu, Goyang-si. The 84㎡ dedicated to’Wonheung Same Suite’ in Donae-dong, Deokyang-gu, was reported at 1.1 billion won on the 5th of last month. It is a housing type that was traded for 800 million won right before the announcement of Changneung Station. A certified official in Donae-dong said, “After the announcement of the new GTX station, when the price surged, the seller wanted more than three cases of canceling the already signed contract.”
Yangju (2.46%), Incheon Yeonsu-gu (2.27%), Paju (2.17%), and Namyangju (2.12%) also rose a lot. Most of these places have not received much attention in the housing market due to their lack of access to Seoul. Yangju is the end point of line C, and Yeonsu-gu, Incheon has Songdo, where line B stops. Paju and Namyangju have routes A and B, respectively. Yangju, on December 17 last year, passed the private investment project deliberation committee for the designation of a private investment project for the C route and a basic plan for the facility project, and the house price began to fluctuate.
“Attention to direct routes in the Gangnam area of Seoul”
In some metropolitan areas, there is also a move to attract additional GTX stations in the region. As it is said that up to three stop stations can be established on the C line, residents and local governments such as Siheung Baegot, Indeokwon, and Uiwang are increasing demands for new construction.
Experts advise to pay attention to areas that are still undervalued due to good accessibility in the Gangnam area of Seoul and many stages until opening.
Kim Hak-ryul, head of the Smart Tube Real Estate Research Research Institute, said, “Since the opening of the Sinbundang Line, which goes directly to Gangnam, Seoul, Gwanggyo, Gyeonggi-do has increased more than most apartments in Seoul.” I will.” However, he added, “After comparing similar positions and market prices, you should refrain from excessive pursuit buying in areas that have already risen too much.”
Reporter Shin Yeon-soo [email protected]