Mar 9 β€’ 08:06 UTC πŸ‡°πŸ‡· Korea Hankyoreh (KR)

Dongtan Apartment Prices Rank First in Weekly Increase... "High Likelihood of Designation as a Regulated Area"

Apartment prices in Dongtan, Gyeonggi Province, have seen a significant weekly increase, prompting discussions about potential designation as a regulated area.

Gyeonggi Province's Hwaseong City has undergone an administrative reorganization, now comprising four districts, with Dongtan emerging as a leader in weekly apartment price increases in the province. As per the Korea Real Estate Agency, on March 2, the average apartment price in Dongtan rose by 0.28%, surpassing nearby Guri City, which saw a rise of only 0.16%. This continued upward trend has raised concerns about Dongtan's potential designation as a regulated area, especially after it was previously omitted from regulatory measures in the government's 10/15 housing policy last year.

Since the Korea Real Estate Agency began tracking prices in Dongtan from the second week of February, the area has experienced four consecutive weeks of price rises, indicating a burgeoning real estate market. In contrast, Guri City has witnessed a decline in its growth rate from 0.55% to 0.16% over the same period. The sustained increase in Dongtan's apartment prices is now closely tied to infrastructural developments, including the upcoming expansion of the Gyeonggi Region Metropolitan Express Railway (GTX) A line, which will connect Dongtan directly to Seoul Station by June.

Real estate analysts suggest that the recent price increases in Dongtan reflect a 'balloon effect' following its exclusion from regulatory zones, combined with the anticipated boost in transportation infrastructure that will enhance connectivity to Seoul. With record prices being achieved for various apartment models, including notable transactions at the Dongtan Station and its vicinity, there is a growing sentiment among investors and homeowners that the region’s real estate market is becoming increasingly attractive, potentially leading to regulatory scrutiny as prices rise further.

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