Was it too hasty?...Gimpo real estate market booming even with Seoul incorporation talk
Although Gimpo City and the ruling party are making ceaseless efforts to incorporate Gimpo City into Seoul, the real estate market's response is still cold. This is because apartment prices, which had been on an upward trend for a while, are going downhill again.
First of all, once Gimpo City is incorporated into Seoul, there are many benefits such as expansion of infrastructure and improvement of educational conditions, but there are also significant side effects. Some of the support received from the central government will be cut off, and special selection for rural areas will also disappear.
Difficult administrative and legal procedures are also a problem. Gimpo City cannot make any decisions on its own without the consent of Gyeonggi Province and Seoul City. As voices wary of Seoul's expansionism grow, even public opinion seems to be turning its back on it. Also, the justification for incorporating it into Seoul just because it passed through one finger is weak.
Gimpo City's real estate market ends in 'two weeks' despite news of Seoul incorporation push!
This atmosphere is reflected in the real estate market in Gimpo City. Gimpo City’s real estate market, which seemed to be soaring again, came to an end in just two weeks.
According to the Korea Real Estate Agency, apartment prices in Gimpo City continued to fall from May of last year to September (3rd week) of this year. There was a successful rebound in the last week of September, when talk of Seoul incorporation began to emerge in earnest. But it didn't last long. Things are going downhill again after the first week of October. On the other hand, in Gyeonggi-do, the rise in apartment prices has slowed, but has not yet entered a downward phase.
House prices in Gimpo City ‘dropping’… Apartments in Han River New Town lost 50 million won in two months!
According to actual transaction price data from the Ministry of Land, Infrastructure and Transport, apartment transaction prices in Gimpo City have also been decreasing this month. Still, apartments in the Gochon-eup area, bordering Seoul, are still showing strong performance, but many apartments in other areas are maintaining flat prices.
‘Pungmu Central Prugio’, known as Daejang Apartments in Gimpo City, was traded at a price well over 800 million won. However, as of November, it is barely being sold for a price in the mid to late 600 million won range.
There are many apartments where housing prices have plummeted in a short period of time. The 84A㎡ unit exclusively for ‘Gochang Village Nature & Harmony’ was able to find a new owner for 420 million won in November this year. This price is 53 million won lower than the 473 million won (12th floor) traded last September.
The national price of ‘Hangang New City River Eileen’s Garden’ even collapsed to around 400 million won. The exclusive 84B㎡ unit was sold for 438 million won (14th floor) last June. However, about 5 months later, in November, it changed hands for 398 million won (16th floor).
you idiot! The problem is transportation... When will the aspirations of Gimpo citizens come true?
Mr. ‘J’, who has lived in Gimpo Hangang New Town for nearly 10 years, said, “I have been hearing news about subway-related projects in Gimpo for 10 years,” and sighed deeply, “Will the lives of Gimpo citizens be enriched just by changing the administrative district?” I rested.
In fact, the extension of Subway Line 5 has been a long-awaited project of Gimpo City since the creation of the second new town in 2003, but has been delayed for nearly 20 years. The subway line 9 extension project was also mentioned, but it was canceled due to business feasibility. Only the ‘Gimpo Gold Line’, a light rail system the size of 2 to 3 buses, is providing support to Gimpo citizens. However, it is insufficient to meet the transportation needs of Gimpo citizens.
The ‘Gimpo Gold Line’, known as a frequent course for politicians to visit during election season, has not been able to rid itself of its reputation as a hellish season to this day. It is also notorious enough to be called the ‘Gimpo Bone Disease Line’.
The ‘Gimpo Gold Line’ is literally saturated. The Gimpo Gold Line is a new line that opened in September 2019, and it has been pointed out that it was seriously congested immediately after opening. According to the Seoul Transportation Corporation, the congestion rate on the Gold Line last year was 242%, which was significantly higher than the average congestion rate for Seoul subway lines. The size of the Gold Line with one light rail line and two cars is not enough to accommodate the movement of 500,000 people.
‘K’ real estate agent, who operates real estate in Gimpo Hangang New Town, said, “Gimpo City is one of the few cities in the metropolitan area that does not have a subway service,” and added, “It is difficult to use only the ‘Gimpo Gold Line’ in Gimpo City, where about 500,000 people live. “There is a need for rapid subway expansion,” he said several times.