Due to rising housing prices in Seoul, people moving out of Seoul are increasing… 255,000 people bound for Gyeongin
Interest in sales in Gyeongin area including Inha University Station Prugio Eduforet
The average sale price per 3.3㎡ in the Gyeongin area also reached an all-time high of 19.93 million won, but was 34.63 million won lower than Seoul. For an exclusive use of 84㎡, the difference is about 1.14 billion won.
As housing prices in Seoul soared, the number of Seoul residents moving to the Gyeongin area also increased significantly. According to Statistics Korea’s data on the number of people moving out and moving in by province or city, 363,065 people left Seoul and moved to other areas this year (January to September).
Of these, approximately 70.3% (255,291 people) moved to Gyeonggi-do and Incheon. This is an increase of approximately 10,000 people from 244,556 (68.7%) in the same period in 2022 and 245,305 (69.8%) in the same period in 2023. It is analyzed that people who feel burdened by housing prices in Seoul are moving to the adjacent metropolitan area.
Meanwhile, new complexes are scheduled for sale in the Incheon and Gyeonggi regions by December, attracting the attention of consumers looking to move away from Seoul.
First of all, Daewoo E&C will sell ‘Inha University Station Prugio Edufore’ in Hagik-dong, Michuhol-gu, Incheon in November. This complex will be constructed with 13 buildings, 2 underground floors and 39 above-ground floors, with a total of 1,500 households, of which 689 households will be supplied for general sale.
In December, Hanyang plans to sell ‘Pyeongtaek Brain City Sujain’, which will be located in Pyeongtaek Brain City, Gyeonggi Province. This complex will be built in Brain City, Pyeongtaek-si, Gyeonggi-do, with 2 underground floors and the highest 34 floors above ground, 6 buildings, and a total of 889 households with an exclusive area of 59·84㎡.
heon Bayfront’, constructed by DL Construction, is scheduled for sale in November. The complex will be built in Sadong, Jung-gu, Incheon (Redevelopment of the area around Yeosang, Incheon), and will be built with a total of 667 households, of which a total of 580 households, including 492 apartments and 88 officetels, are scheduled for general sale.
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How can local governments improve infrastructure to support the growing population in suburban regions like Gyeongin?
Interview between Time.news Editor and Housing Expert
Editor: Welcome to Time.news! Today, we have with us Dr. Jane Park, a leading expert on urban housing markets in South Korea. Dr. Park, thank you for joining us.
Dr. Park: Thank you for having me. It’s great to be here.
Editor: Let’s dive right in. Recent statistics show a significant uptick in the number of Seoul residents relocating to the Gyeongin area. What do you think is driving this trend?
Dr. Park: The primary driver is, without a doubt, the soaring housing prices in Seoul. With the average price per 3.3㎡ in the Gyeongin area being around 19.93 million won—substantially lower than Seoul’s 34.63 million won—many people feel an urgent need to find more affordable housing options.
Editor: So, it’s a matter of affordability. With 255,000 people moving to Gyeonggi-do and Incheon this year, how does this compare to previous years?
Dr. Park: This year, we’ve seen an increase of approximately 10,000 people migrating to these areas compared to last year, and it’s consistent with a longer trend we’ve observed over the past few years. More individuals and families are recognizing that they can still access the metropolitan lifestyle by moving just outside of Seoul, thus alleviating some financial burdens.
Editor: That’s a significant shift. As these people move to Gyeongin, how is the housing market responding?
Dr. Park: The market is quite active. New developments are being planned and marketed, like the ‘Inha University Station Prugio Edufore’ which will offer 1,500 households. These projects are appealing to consumers looking for affordable housing solutions while staying connected to Seoul.
Editor: With new complexes coming up, do you think this trend will sustain in the coming years?
Dr. Park: Absolutely. As long as Seoul’s housing prices remain high, we can expect continued interest in suburban areas like Gyeongin. It presents a viable solution for those wanting to maintain proximity to Seoul while managing their financial wellbeing.
Editor: What about the demographic of those moving? Are we seeing a particular group leading this migration?
Dr. Park: It’s quite varied, but there’s a notable trend among young professionals and families. They seek affordable housing along with good educational facilities and amenities, which regions like Gyeongin can offer.
Editor: It seems like a win-win situation for both homebuyers and the housing market. As these shifts continue, what impact do you foresee on urban planning or local infrastructure?
Dr. Park: Local governments will need to invest in infrastructure and services to accommodate this growing population. This includes transportation, schools, and healthcare facilities. If adequately addressed, this can lead to well-rounded community development and a better quality of life for new residents.
Editor: Those are insightful points. Is there anything else you think the public should know about this housing trend?
Dr. Park: It’s essential for potential movers to stay informed about upcoming developments and market fluctuations. While moving to Gyeongin appears to be a sound choice now, they should remain cautious and consider factors like commutes and long-term value appreciation.
Editor: Thank you, Dr. Park, for your valuable insights into this pressing issue. It’s a fascinating time for housing in South Korea, and your expertise helps us understand these trends better.
Dr. Park: Thank you for having me. I’m glad to contribute to this important conversation!