Home prices in Suji District, Yongin are rising rapidly, led by apartment complexes undergoing remodeling. Demand is concentrating on older, relatively affordable apartments as expectations for remodeling add to their appeal.
According to the Korea Real Estate Board on Monday, apartment transaction prices in Suji District, Yongin, Gyeonggi Province rose 6.44% this year, the highest gain in the Seoul metropolitan area. Analysts attribute the surge to demand shifting toward homes priced at 1.5 billion won or below — less affected by lending regulations — combined with development expectations from projects such as the semiconductor cluster. The residential appeal of areas near SK hynix (000660.KS) and Samsung Electronics (005930.KS) facilities is also cited as a factor boosting buying interest.
Remodeling complexes are driving both transaction volume and price gains simultaneously. Data from the Ministry of Land, Infrastructure and Transport's real transaction price system showed that 305 of the 1,662 apartment sales in Suji District in the first quarter — 18.4% — involved remodeling apartments. Remodeling apartments ranked first in monthly transaction volume for nine consecutive months from July last year through March this year.
Buying interest is gravitating toward complexes where projects are progressing fastest. Choip Village Apartment (1,620 units), which began resident relocation on February 2 and leads all Suji remodeling projects in pace, held the top spot in transaction volume from December through March. In February alone, 51 units changed hands.
