Apartment prices in Dongtan New Town, Hwaseong, Gyeonggi-do are falling sharply. While house prices are falling not only in Seoul but also across the metropolitan area, the decline in Dongtan New Town is particularly strong.
The real estate sector has forecast a further decline this year, saying that home prices are falling sharply due to sluggish investment demand, as well as expectations for a low rise in home prices due to the shelling of more homeowners. houses.
According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport the 16, 59 square meters of “Dongtan Demonstration Daeun Village World Meridien Peninsula Yubora” in Bansong-dong, Hwaseong, Gyeonggi-do are been exchanged for 410 million won (2nd floor) on 1st. Although there is the possibility of special transactions such as gifts via direct transaction, the price is only half of the previous highest price (790 million won).
Cheonggye-dong “Dongtan KCC Switchen Station” also dedicated 84 square meters to 460 million won, half of the 83 million won reported on the 2nd. This is also a direct transaction with a high chance of a special transaction, but the market accepts it differently than before. Unlike in the past, the direct transaction price affects the market price.
A representative of a licensed real estate agency near Dongtan Station said: “There have always been direct deals that cost hundreds of millions of won less than the market price.
The price of an 84 square meter apartment in the Dongtan New City area has dropped 300 million to 400 million won from its peak. The 84 m² dedicated to the ‘Dongtan Station Demonstration Woonam Firstville Apartment’, considered a large complex, was also traded for 1 billion won, 360 million won less than the last reported price.
The drop in apartment prices in Hwaseong-si due to the sharp drop in Dongtan New Town is the highest in the country this year. According to the Korea Real Estate Agency, apartment prices in Hwaseong fell 4.94% this year, the highest in the metropolitan area, and in the nation it ranks third after Sejong (-7.11%) and Daegu Suseong. (-5.18%).
The real estate sector cited increased volume and sluggish investment demand as the backdrop for Dongtan New Town’s steep decline.
Dongtan New Town is an area that has grown relatively late in the real estate rise. It has grown in the short term over the past 1-2 years thanks to good traffic like the Metropolitan Express Railway (GTX). With the housing market declining, the housing price bubble is rapidly disappearing.
In addition, profit making for multi-family dwellings is also a contributing factor to falling house prices. An official from the local real estate industry said: “It is often said among investors that selling as soon as possible is a way to get even a little more profit.”
The industry expected housing prices in Dongtan New City to continue to decline. This is because the influx of investment demand is limited due to low expectations of a rise in house prices as the market continues to decline due to interest rate hikes.
Related Articles
Koh Jong-wan, head of the Korea Asset Management Research Institute, said: “The Dongtan New Town area has a lot of land to provide housing, so there are always supply concerns.”
Provided = News 1
–
