Seoul Bus Terminal Redevelopments Drive Apartment Prices Higher

As aging bus terminals across Seoul undergo redevelopment, apartment prices in surrounding areas are rising sharply. These terminal sites are located in regional hubs with well-established commercial districts and convenient transportation links. The transformation of outdated terminal buildings into high-rise mixed-use complexes has generated strong demand for newly supplied housing, with some projects recording double-digit subscription competition rates.

The Shop First World, a mixed-use residential complex sold in December on the site of the Sangbong Terminal in Sangbong-dong, Jungnang-gu—scheduled for completion in May 2029—achieved 100% contract completion within three months, according to industry sources on Wednesday. Of the total 999 units, 800 were offered for general sale. Despite controversy over high prices, with the 59-square-meter unit priced at 980 million won ($720,000), the project recorded a competition rate of 87.67 to 1.

Near the Dong Seoul Bus Terminal in Gwangjin-gu, where a 39-story mixed-use building is scheduled to break ground in 2026, apartment prices in Guui-dong are soaring, bolstered by Han River-view premiums. In September, when the Seoul Metropolitan Government's Urban and Architecture Joint Committee finalized the terminal redevelopment plan, a 108.35-square-meter unit at Jayang Hanyang Apartment directly in front of the terminal sold for a record 2.43 billion won. A nearby 84-square-meter unit at Hyundai Prime Apartment sold for 1.99 billion won in September, then traded at 2.2 billion won in October—a 200 million won increase in just one month.

Defunct freight and truck terminal sites in urban areas are also stirring nearby housing markets following confirmed redevelopment plans. After the final development plan for the former Yangjae Freight Terminal site in Seocho-gu was approved by the Seoul Metropolitan Government in February, an 84-square-meter unit at Seocho Nature Hill Complex 3 sold for 1.92 billion won last month—400 million won higher than the previous transaction. The adjacent Juam Janggun Village in Juam-dong, Gwacheon, Gyeonggi Province, was rebranded as DH Adelsta and launched sales in August. Despite a high price of 70 million won per 3.3 square meters, with the 59-square-meter unit priced at 1.7 billion won, the project recorded an average competition rate of 52.3 to 1.

Apartment prices are also rising near the Western Truck Terminal in Yangcheon-gu, the only terminal redevelopment project located in western Seoul. A 115-square-meter unit at Dongil Hivil Complex 2 in Sinjeong-dong, adjacent to the terminal, set a new high of 1.3 billion won in October. Across the street, an 84-square-meter unit at Sinjeong e-Pyeonhansesang recorded a peak contract price of 920 million won in early October.

The Banpo Express Bus Terminal redevelopment in Seocho-gu—the largest terminal project in Seoul but the last to be finalized—is expected to further boost prices in the already premium Banpo apartment district, which has already transformed through new construction. A 165-square-meter unit at Banpo Xi, considered the primary beneficiary of the terminal redevelopment including the planned undergrounding of bus lanes, changed hands on December 6 for 6.5 billion won despite land transaction permit zone regulations. The price represents a 500 million won increase from the March transaction.