Home prices near aging bus terminals across Seoul are rising as redevelopment projects gain momentum, driven by established commercial districts and convenient transportation at these regional hubs. The transformation of outdated terminal buildings into high-rise mixed-use complexes has attracted strong demand, with newly supplied housing recording double-digit subscription competition ratios.
The Sharp First World, a residential-commercial complex marketed in December on the site of Sangbong Terminal in Jungnang-gu scheduled for completion in May 2029, achieved 100% contract completion within three months, according to industry sources Wednesday. Of the 999 total units, 800 were offered for general sale. Despite controversy over high pricing—with the 59-square-meter unit priced at 980 million won—the project recorded a competition ratio of 87.67 to 1.
Apartment complexes in Guui-dong near Dong Seoul Terminal in Gwangjin-gu, where a 39-story mixed-use building is scheduled to break ground in 2026, are seeing prices soar, boosted by Han River premiums. In September, when Seoul's Urban and Architecture Joint Committee finalized the Dong Seoul Terminal plan, a 108.35-square-meter unit at Jayang Hanyang Apartment directly in front of the terminal traded at 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 one month.
Former cargo and truck terminal sites that had lost their function are also stirring nearby housing markets following development confirmations. After Seoul finalized the development plan for the former Yangjae Cargo Terminal site in Seocho-gu in February, an 84-square-meter unit at Seocho Nature Hill Complex 3 sold last month for 1.92 billion won—400 million won higher than the previous transaction. The adjacent Juam Janggun Village in Juam-dong, Gwacheon, Gyeonggi Province, was rebranded as "The H Adelstar" and entered the market in August. Despite high pricing of 70 million won per 3.3 square meters—putting the 59-square-meter unit at 1.7 billion won—the project recorded an average competition ratio of 52.3 to 1.
Apartment prices are also rising near 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, recorded a new high of 1.3 billion won in October. An 84-square-meter unit at Sinjeong e-Pyeonhan Sesang across the street also reached a record contract price of 920 million won in early October.
The Express Bus Terminal redevelopment in Banpo, Seocho-gu—the largest among Seoul's terminals but the last to be decided—is expected to further boost prices in the Banpo apartment district, which has already achieved high valuations through new construction. A 165-square-meter unit at Banpo Xi, considered the prime beneficiary of the Express Bus Terminal redevelopment including the underground relocation of bus lanes, changed hands on the 6th of last month for 6.5 billion won despite land transaction permit zone regulations. The price was 500 million won higher than the March transaction.
