Indukwon home prices plummeted to $800 million, now…why landlords are relaxing

The real estate market in the Uiwang-Anyang Indukwon area of Gyeonggi-do is recovering after a surge in house prices last year due to various transportation benefits. As house prices are rebounding and unsold apartments are being sold, buyers in the area are interested in the supply of new apartments. However, as the sales prices of the new apartments are similar to or higher than the existing apartments, attention is focused on the sales performance.

According to the Ministry of Land, Infrastructure, and Transport’s real transaction price disclosure system on the 21st, an 84㎡ exclusive to ‘Indukwon Purgio El Centro’, a major apartment in Poil-dong, Uiwang-si, changed hands for 1.14 billion won last month. This is 300 million won higher than this year’s lowest price of 840 million won in February. The apartment made headlines in 2021 when prices soared to 1.63 billion won ($1.6 billion) in June before halving.

The listed property is also priced at 1.1 billion won. A unit listed for 1.085 billion won on the 16th of this month has recently increased its price by 65 million won to 1.15 billion won, and a unit on the middle floor has also adjusted its price from 1.23 billion won to 1.25 billion won. “There are high-rise properties in the 1.3 billion won range,” said a local real estate agent, adding, “Landlords have become more relaxed in raising prices as home prices are rebounding.”
Complexes that were halved rebounded one after another… Prices rose by tens of millions of won
An 84-square-meter unit in Pyeongchon-dong, Dongan-gu, Anyang, found a new owner for 747 million won on the second of this month, up 162 million won from this year’s lowest price of 585 million won in March. The area traded as high as 1.24 billion won ($1.2 billion) in 2021 (August) before falling to half of its peak price earlier this year.

An 84-square-meter unit in the same building, Indukwon Village Samsung, was sold for 840 million won in March, up 37.5 million won from 825 million won the previous month. It is lower than the record of 1.33 billion won in July 2021, but it is off the lowest point.

Apartment prices around Indeokwon Station on Subway Line 4 surged due to the new Indeokwon Station on the GTX-C line. Prices jumped around June 2021, when an additional stop at Indeokwon Station was confirmed. However, the gains were quickly reversed last year as interest rates rose steeply and the aftermath of the surge in home prices.

Current status of the Metropolitan Area Express Railroad (GTX) route. Photo by Hankyung DB

“After the good news about the GTX, house prices soared quickly, but the decline was as steep as the rise,” said an official from an authorized brokerage in Poil-dong, Uiwang-si. “Some of the rush sales were exhausted as properties were sold at half the price of the previous peak from late last year to early this year.” “It will take time to get prices back to peak levels, but we are off the bottom.”

Transportation and development news has also been on the horizon for months. On March 14, the Korea National Railroad Corporation officially announced the start of construction of a double-train line between Indukwon and Dongtan (Indong Line) and a double-train line from Wolgot to Pangyo (Wolpan Line) within the year. Anyang City announced on the 1st that it has designated the Gyeonggi Housing and Urban Corporation (GH) as the project executor and established and announced the ‘Anyang Indeokwon Peripheral Urban Development Project Area Designation and Development Plan’. The development area is part of 157 Gwanyang-dong, Dongan-gu, and covers an area of 159,973 square meters. The plan is to create a youth smart town that incorporates the existing Subway Line 4 and new lines such as Wolgot ~ Pangyo Line, Indeokwon ~ Dongtan Line, and GTX-C Line. It announced that it will complete the remaining administrative procedures with the goal of completing the construction in December 2026, and start construction of the site from the second half of 2024.
‘Wormwood’ interest in unsold and new apartments
Unsold apartments sold in the second half of last year and early this year in the Indeokwon area are also selling one after another. ‘Indukwon Jai SK View’ in Nae Son-dong, which was sold in September last year, recently completed the sale of exclusive 59㎡B and 74㎡A-B-C units. The remaining units are being sold on a first-come, first-served basis. An official from the sales office of ‘Indukwon Jai SK View’ said, “As the real estate market has been recovering since the beginning of this year, especially in Seoul, the number of interested buyers and investors has increased considerably as regulations have been significantly eased.” “The uncontracted units are gradually finding owners,” he added.

‘Pyeongchon Center First’ in Hogye-dong, Dongan-gu, Anyang, which held the first round of bidding in January, is also reported to have improved, although there are still unsold units. The complex is currently offering a 10% discount. A representative from the sales office of ‘Pyeongchon CenterFirst’ said, “Since the discounted sales, interest has increased across the country,” adding, “We expect the contract rate to increase quickly through the first-come, first-served sales.”

New apartments have also been launched amid the recovery of the existing housing market and sales market in the Indeokwon area. ‘Indukwon Persbiel’ is located in Naeson-dong, Uiwang-si. It has a total of 2180 units ranging from 49 to 84 square meters. Of these, 586 units will be sold to the public. The average selling price of the complex is 28.86 million won per 3.3㎡. The sales price (based on the highest price) for each dedicated area is: 49㎡ KRW 543 million to 564 million, 59㎡ KRW 771 million to 780 million, 74㎡ KRW 923 million, and 84㎡ KRW 1.079 billion. Small-sized balances such as dedicated 49㎡ and dedicated 59㎡ are the main products.

Prospective buyers lining up to enter the model home of ‘Indukwon Perthbiel’. Photo by Lee Song-ryul

Smaller apartments are in high demand in the real estate market. This is because the burden of financing is low amid high interest rates, and fraud cases centered on townhouses and multi-family houses have increased the burden on buyers. The 49㎡ apartment in the complex is also a different floor plan than before, reflecting the needs of recent buyers. In the case of the exclusive 49㎡A, three bays are applied, which is difficult to find in small-sized areas. It also stands out for its staircase design, which breaks the stereotype that small flats are corridor-style.

“There is not much new construction in Nae Son-dong, and there is a lot 토토사이트of demand for new construction,” said an official from a B-authorized brokerage in Nae Son-dong. “Prices are rebounding from their lows, and favorable factors such as GTX are not going away, so it is worth putting in a request if you are a real buyer.”

Another authorized brokerage official in the neighborhood said, “Investors are also interested as the resale restriction has been shortened to one year,” explaining, “Some investors are interested because they think the market will be better in 2026, when the complex will be occupied.”

However, based on the exclusive 84㎡, BALCO

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