As apartment prices in Dongtan New Town, Hwaseong, Gyeonggi-do have fallen this year, attention is focused on the background.  The picture is a panoramic view of Dongtan New City.  (Maekyung DB)
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Awkward apartment prices in Dongtan… Dedicated 84㎡ 300 million ‘tuk’ this year

As apartment prices in Dongtan New Town, Hwaseong, Gyeonggi-do have fallen this year, attention is focused on the background. The picture is a panoramic view of Dongtan New City. (Maekyung DB)

The decline in apartment prices in Dongtan New Town, Hwaseong, Gyeonggi-do, which is the representative player of the second new city in the metropolitan area, is notable. This year, the actual transaction price of major complexes has fallen by 300 to 400 million won.

According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport, the 84 m² dedicated to pilot peninsula Yubora Ivy Park 4.0 in Cheonggye-dong, Hwaseong-si, Gyeonggi-do, which moved in in 2018, was recently sold for 883 million won. Compared to the reported price of 1.25 billion won in August last year, it has dropped by more than 350 million won. The actual transaction price of 84 square meters for the demonstration Hanwha Dream and Green Prestige (located in 2015) at Dongtan Station, which once soared to 1.45 billion won, has recently dropped to 1.167 billion won. An official from Dongtan New Town A Authorized Brokerage Company said, “The pilot Hanwha Dream and Green Prestige is a major seller in the SRT Dongtan Station area, but the number of urgent sales is increasing recently. Nevertheless, there are very few transactions,” he said.

Experts predict that apartment prices in Hwaseong Dongtan New City will continue to decline for the time being. This is because the supply of new apartments has been pouring in in recent years. According to Real Estate R114, 17,661 households are expected to move into Hwaseong this year. Considering that 111,384 households are expected to move in in Gyeonggi-do, this is a considerable amount. It is analyzed that the supply-demand imbalance in Hwaseong will worsen as the number of construction companies in Hwaseong this year will reach 12,182 households.

An official from the real estate industry said, “After the new government was launched, the expectation for reconstruction in the first phase of new towns has increased, but the variable is that the second phase, including Dongtan, has relatively few favorable conditions. In the aftermath of interest rate hikes and lending regulations, house prices in Dongtan New Town will show an adjustment pattern,” he predicted.

On the other hand, there is also a forecast that house prices in Dongtan New Town will rebound when the opening time of GTX (Seoul Metropolitan Area Express Railway) Line A approaches. The GTX A line from Unjeong, Paju, Gyeonggi-do to Dongtan New Town in Hwaseong is scheduled to open in 2024.

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Reference-www.mk.co.kr

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