Housing prices in Incheon's Geomdan New Town are surging, particularly around transit hubs. As expectations grow over the extension of Subway Line 5 and the planned Great Train Express (GTX)-D route, a string of new presales has driven a series of higher-priced transactions.
According to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system Tuesday, the 84-square-meter unit at Hillstate Sin-Geomdan Central in Bullo-dong, Seo-gu, Incheon, traded for 500 million won this January but sold for 850 million won last month, setting a new record high. This month, it traded for 895 million won, breaking the record again within a single month. The price rose about 80 percent in roughly five months. The complex, which welcomed its first residents early last year, is adjacent to Sin-Geomdan Jungang Station on Incheon Line 1.
Sin-Geomdan Jungang Station Punggyungchae Urbanity, located across the street, showed a similar price trend. Its 84-square-meter unit traded for 835 million won early last month. Compared with the 483 million won recorded in April, that marks a rise of more than 70 percent. A 111-square-meter unit also set a record high, trading for 985 million won earlier this month.
Analysts say the rise in Geomdan New Town apartment prices is being led by expectations over the Subway Line 5 extension and the planned GTX-D route, which are concentrated on complexes near transit hubs. The Line 5 extension project, which passed a preliminary feasibility study in March, would run from Banghwa Station in Seoul through Geomdan New Town before connecting toward Gimpo. In particular, by passing through Sin-Geomdan Jungang Station and Ara Station, the line is expected to improve access to Seoul for complexes near the stations. The GTX-D project is also a major transit boon for the Geomdan area. The GTX-D will connect Gimpo through Geomdan to Seoul's Gangnam district. "There aren't many listings to begin with, and the biggest impact comes from the transit benefits," the head of a nearby real estate agency, A, said. "There is strong demand from people who commute to areas such as Magok and Yeouido."
The rise in presale prices is also cited as a factor pushing up the market prices of existing apartments. The Shap Geomdan Lake Park, which held first-priority subscriptions on the 25th of this month, is a complex subject to the price ceiling system, with the highest presale price set at 653.3 million won for an 84-square-meter unit. A total of 9,189 applications were submitted for 1,307 units offered, recording an average competition ratio of 7.03 to 1. Sin-Geomdan Jungang Station Punggyungchae Urbanity, which began welcoming residents in November 2024, had a highest presale price of around 478 million won for an 84-square-meter unit. "Even though the new supply complex is located farther from the subway station, when you consider the presale price and subscription results, newly built complexes near transit hubs with better locations see their market prices rise even higher," the head of a real estate agency, B, said. "It is a structure in which rising presale prices push up the market prices of existing apartments."
The preference for transit hubs is also clear in the presale rights market. Sin-Geomdan Jungang Station Cantabile The Suite, located about a 10-minute walk from Sin-Geomdan Jungang Station, saw 17 presale rights transactions each in April and May. According to local real estate agencies, premiums range from 10 million to 40 million won. Under an administrative district reorganization on July 1, Geomdan New Town is set to be separated from Incheon's Seo-gu and incorporated into the newly created Geomdan-gu.
