Gwangmyeong apartment prices surge, standard-size units approach the 18hundred-million-won range

The weekly rate of increase in apartment sale prices in Gwangmyeong, Gyeonggi Province, stood at 18as of 0.68%. This is the highest level in about 10 months, since 20 (0.76%) last year. It is the highest weekly increase nationwide.7 months, since last year. It is the highest weekly increase nationwide.

The cumulative increase in apartment sale prices in Gwangmyeong so far this year is 7.11%. Demand is shifting toward the area as prices are relatively more affordable than in Seoul. This trend is contributing to cumulative price gains.

Online communities and others report that so-called “standard-size” apartments are priced in the 18hundred-million-won range. Some complexes have also seen transactions approaching 20billion won. Rising numbers of high-priced sales are drawing attention to the market.

Gwangmyeong has attracted attention for the reconstruction of low-rise apartments in Cheolsan-dong and the redevelopment of its old downtown area (Gwangmyeong New Town). Expectations for urban renewal projects are stimulating buying sentiment. Progress on reconstruction and redevelopment projects is influencing local price trends.

Gwangmyeong is effectively within Seoul’s living sphere, as Seoul lies just across the Anyangcheon stream. Its telephone area code is the same as Seoul’s, '02' is used. The inflow of demand from people seeking to live near their workplaces is also cited, given its proximity to semiconductor industrial complexes in southern Gyeonggi Province.

Among local homebuyers and investors, redevelopment prospects and expectations for an improvement in the semiconductor industry are cited as factors behind rising home prices. Actual transaction trends and urban renewal project schedules are expected to influence future price movements. Ministry of Land, Infrastructure and Transport data on actual transaction prices are used to track transaction trends.