The rising housing prices in Seoul have sparked a significant shift in the real estate market, with an increasing number of residents opting to purchase homes in the neighbouring Gyeonggi Province. This trend, often referred to as the "Exodus from Seoul," is driven by the unaffordability of housing in the capital, prompting many to seek more affordable options in cities like Goyang, Namyangju, Hanam, and Uijeongbu.
According to Real Estate Info, Seoul residents purchased 17,093 apartments in Gyeonggi Province last year. This figure represents a 27.3 per cent increase from the previous year's 13,429 units. Goyang emerged as the most active market, with 1,736 apartments bought by Seoul residents, followed by Namyangju with 1,409 units, Hanam with 1,252 units, and Uijeongbu with 1,109 units.
In the seven cities where transactions exceeded 1,000 units, Seoul residents accounted for 53.7 per cent of all transactions in Gyeonggi Province, totalling 9,183 apartment purchases.
The primary factors contributing to this migration include high housing prices, increased pre-sale prices, and stricter loan regulations in Seoul, which have raised barriers to homeownership. Statistics Korea's "2024 Domestic Population Movement Results" revealed that Seoul experienced a net outflow of 55,600 people due to housing issues last year, while Gyeonggi Province saw a net inflow of 27,500 people for the same reason.
In response to this growing demand, there is heightened interest in new housing developments outside of Seoul's metropolitan areas. Lotte Construction's "Uijeongbu Lotte Castle Naribec City" in Gyeonggi Province offers financial relief, including a 5 per cent down payment, 10 million won fixed first instalment and loan interest assistance. Samsung C&T is capitalising on the trend with "Raemian Songdo Station Centripol" in Incheon, featuring 2,549 units in 19 buildings. The Korea Land and Housing Corp. (LH) will also accept applications for 391 Goyang's Changneung District units. Lotte Construction will launch "Pungmu Station Lotte Castle Signature" in Gimpo this March.
