"Since the confirmation of the subway Line 5 extension, buying inquiries seem to have increased about fivefold. Prices have risen too. Transactions aren't booming yet, but expectations are high," said the head of a real estate brokerage in Bullo-dong, Seo-gu, Incheon.
Real estate offices near Singeomdan Jungang Station in Seo-gu, Incheon, were buzzing with excitement during a recent visit, anticipating the boost that the Seoul Metro Line 5 extension — which passed its preliminary feasibility study on the 10th — would bring to the local property market. The project covers a total of 25.6 kilometers from Banghwa Station, the current terminus of Line 5, through Pungmu Station in Gimpo and Geomdan New Town in Incheon before connecting toward Gamjeong and Janggi in Gimpo. Nine new stations will be built, with seven in Gimpo including three transfer stations. In Incheon, the line is expected to pass through Ara Station and Singeomdan Jungang Station on the Incheon Line 1 extension that opened in June last year. Expectations are especially high around Singeomdan Jungang Station, as the western GTX-D metropolitan express railway — which passed its own preliminary feasibility study last year with completion expected in the early-to-mid 2030s — is also projected to run through the area.
Prices have indeed entered an upward trend. Because the likelihood of the Line 5 extension passing its feasibility review had been anticipated, transactions at distressed-sale prices as well as deals at new record highs followed in succession, brokers explained. The head of brokerage B in Bullo-dong said, "Demand is high among people in their 30s and 40s commuting to Magok or Gwanghwamun. Since the area has many newly built apartments, listings have always been scarce due to capital gains tax exemption requirements." He added, "Asking prices are rising and listings are being pulled off the market."
Expectations are also growing that Gimpo's character as a city is fundamentally changing, with major development projects underway across the area including the Hangang Cinepolis industrial complex, Pungmu Station area development, Hangang 2 Compact City, and old downtown redevelopment in Bukbyeon and Sau-dong. On the 4th, a memorandum of understanding was signed to establish a 700-bed Inha University Hospital in the Pungmu Station area, marking the first step of the "Inha University Gimpo Medical Campus" project. An official at brokerage F in Sau-dong said, "Sales of Cinepolis industrial land have been slow, but they recently lowered prices and changed zoning to allow high-rise mixed-use residential buildings along the Han River, regaining momentum." The official added, "Gimpo city is ambitiously pursuing various development projects, so the living environment should only improve going forward."
The head of brokerage C in Wondang-dong, where Ara Station is located, said, "The 74-square-meter unit at 'Woomi Rin The Signature,' considered the area's benchmark apartment, recently traded at 730 million won, surpassing the previous record of 718 million won." He noted, "Buying inquiries have jumped from about two to ten, while selling inquiries have dropped in the opposite direction, from about ten to two." The head of a nearby brokerage D also said, "Distressed-sale listings that had been stagnant are being absorbed rapidly," adding, "There have even been cases where sellers who signed contracts before the feasibility approval news broke forfeited their deposits to withdraw listings."
While the Geomdan area is stirring following the Line 5 extension announcement, the mood in Gimpo — widely regarded as the biggest beneficiary of the extension — is even hotter. Gimpo's population of 480,000 had only the two-car Gimpo Goldline light rail, which opened in 2019, as a commuting link to Seoul, earning it a notorious reputation as a "subway from hell." Despite well-established new-town infrastructure for education, daily life, and safety, the city was seen as less competitive as a Seoul commuter residential area. However, with seven of the nine new stations concentrated in Gimpo and additional benefits from the GTX-D feasibility approval, the city is expected to shed its stigma as a "transportation dead zone."
Banners welcoming the "Line 5 extension" have been hung at stations along the planned route including Pungmu Station and Janggi Station. The trend of rising inquiries and climbing prices is also unmistakable. An official at brokerage E in Pungmu-dong said, "Since the extension announcement, the 84-square-meter units at Pungmu Central Prugio that had been trading in the upper 600 million won range are now trading at 720 million to 750 million won — roughly 50 million won higher." The official added, "Homeowners who aren't in a hurry to sell are raising asking prices across the board." He continued, "Gimpo has had a large supply, and some apartments with high sale prices had gone unsold. But recently, buying inquiries for unsold units have been increasing as well." Indeed, more than 10,000 units in general sales have been released sequentially in Gimpo since the second half of 2023, and while unsold inventory once swelled, most units have since been absorbed, bringing the unsold count down to 1,355 as of the end of January.