The section of the Greater Seoul Metropolitan Express Railway (GTX), known as the ‘Unjeong Central to Seoul Station’ segment of Line A, began operation on December 28 of last year. However, it appears that this has not significantly impacted apartment transactions.
According to analysis by ‘Zigbang,’ a real estate proptech company, using the apartment information platform Hogangnono, the number of visitors to complexes near Unjeong Central Station, such as Hillstate Unjeong, Unjeong New Town Central Prugio, and Unjeong New Town I-Park, collectively referred to as ‘Hil-Pru-A,’ reached 28,100 during the fourth week of December (23-29). This figure is more than triple the 8,302 visitors observed in the third week of December, before the opening.
Additionally, from the day of opening until the 8th of January, the number of stories registered on Hogangnono about ‘Hil-Pru-A’ was 281, over three times the previous corresponding period’s 84 entries.
The Unjeong Central to Seoul Station section is the second to start operations, following the Suseo to Dongtan segment opened in March last year. It allows for a 22-minute trip from Paju Unjeong New Town to Seoul Station, with an interval of about 10 minutes, shorter than the Gyeongui Line express’s 30-minute interval. It is expected that intervals during peak commuting hours will further shorten to 6 minutes.
Despite the increased inquiries for trades, actual transactions have not risen. Monthly transaction volumes in nearby complexes show 45 trades in October, dropping to 25 each in November and December.
Prices, too, have been affected by a generally subdued metropolitan apartment market, with transactions primarily involving urgent, low-floor sales. The average sale price per 3.3 square meters in the nearby seven complexes was 27.39 million won last month, continuing a downward trend since October of the previous year.
However, listings in the Unjeong Central Station vicinity reportedly show a clear trend of rising asking prices. Listings for a 59㎡ unit, which were in the lower mid-500 million won range, have recently been appearing in the upper 500 million to 600 million won range. Listings for 84㎡ units have reached the 800 million won range.
Zigbang, referencing local real estate brokers, stated that there have been many inquiries focusing on areas around the ‘Hil-Pru-A’ near the GTX station and Chorong Flower Village. Many of these are new complexes within five years of completion, and inquiries increased before and after the opening of Unjeong Central Station, largely driven by gap investment (purchasing with a tenant in place).
Eun-sun Kim, head of Zigbang’s Big Data Lab, mentioned, “In cases of transportation development, since premiums are already reflected over a long period during feasibility assessments and construction, prices do not rise immediately after opening.” However, he added, “From a location improvement standpoint, tenant demand might stay steady, and after entering a rising market phase later, the speed of price responses due to demand influx might be quicker than before.”
Regarding the sequential openings of the entire GTX-A line by 2026, Samsung Station by 2028, and Changneung Station by 2030, Kim stated, “If an unprecedented Seoul metropolitan express railway network spanning from northern Gyeonggi through urban Seoul to southern Gyeonggi is established, it will be interesting to see how the real estate market landscape changes around these key stations.”