news/cms/202411/13/news-p.v1.20241113.ae18b9e5c35d43f2ab61d9577ee97eeb_R.jpg" data-width="1000" data-height="750"/> 사진 확대 Aerial view showcasing the East Central complex, the 3rd alumni project at Munsan Station in Paju [Photo = Dongmun Construction]
With a significant supply shortage anticipated in Seoul over the next two to three years, prospective homeowners are increasingly looking towards the Gyeonggi province as an appealing alternative.
Given the housing completion process typically spans two years post-licensing, a decrease in housing completions is virtually assured starting next year.
Moreover, the population in Seoul is projected to decline, complicating residents’ ability to purchase homes. Data from ASIL, a prominent real estate analytics firm, indicates that the planned move-in volume in Seoul is projected to plummet to 35,989 households in 2025, followed by just 2,388 households in 2026, and further declining to 2,220 households in 2027, reflecting a stark drop after the impending year.
In tandem, the influx of residents moving to Gyeonggi is accelerating as housing prices in Seoul continue to escalate. Indeed, the most recent statistics from the National Statistical Office revealed Seoul’s population stood at 9,343,304 last month—a decline of 56,945 since the same time last year. A notable trend sees many of those leaving Seoul relocating to Gyeonggi Province.
A representative from Real Today commented, “Generally, a decrease in supply can lead to elevated housing prices as well as increased jeonse and monthly rental rates, given the imbalance between supply and demand, ultimately exacerbating housing instability.” They emphasized, “It is crucial to keep an eye on new developments offered at fair prices in the Seoul metropolitan area, particularly in Gyeonggi Province.”
Amid this climate, Dongmun Construction is set to commence the first-priority subscription for the highly anticipated “Paju Munsan Station 3rd Dongmun East Central” on the 19th. This new development is being built through a comprehensive housing redevelopment initiative in the Munsan 3-ri District of Paju-si, Gyeonggi-do, featuring two subterranean levels and soaring up to 28 floors above ground. Out of a total of 951 units across seven buildings, 748 households will be available for general sale, with sizes ranging from 59 to 84㎡.
Notably, Paju-si in Gyeonggi-do stands out as a locality experiencing persistent population growth, making it an attractive option for potential residents.
The complex enjoys convenient access to Munsan Station on the Gyeongui Central Line, and a transfer at Daegok Station to the upcoming GTX A Line will enable travel to Seoul Station within approximately 40 minutes. Local authorities are also advocating for enhanced transportation options, including the KTX Paju extension and planned GTX Plus routes.
In addition to the existing infrastructure, entering and exiting the Seoul Munsan Expressway is streamlined via the nearby Dangdong IC and Naepo IC. Furthermore, the imminent opening of the 2nd Ring Road in the Seoul metropolitan area is poised to significantly strengthen the transportation network connecting to the greater Seoul area.
Complementing the infrastructure advancements in the Munsan Station vicinity, residents will find a wide array of amenities including CGV cinemas, Homeplus supermarkets, Munsan Central Hospital, and Munsan Free Market, along with green spaces like Munsancheon, Dangdong Park, Northern Park, and Tongil Park.
The location also boasts proximity to numerous industrial complexes such as Dangdong General Industrial Complex, Sunyu General Industrial Complex, Wollong General Industrial Complex, Paju LCD General Industrial Complex, Paju Central Valley, and Tanhyeon National Industrial Complex, which promises a vibrant local economy.
“As this development is being offered at an attractive price point, which is increasingly rare in the metropolitan area, we are seeing a surge in inquiries from potential buyers,” revealed a sales official. “Given the projected rise in sales prices, we anticipate a swift closing of sales transactions.”
**Interview with Housing Analyst Jisoo Kim on the Current Housing Situation in Seoul and Gyeonggi Province**
**Editor:** Thank you for joining us today, Jisoo. With recent reports indicating a significant housing supply shortage in Seoul, how are prospective homeowners adjusting their plans?
**Jisoo Kim:** Thank you for having me. Yes, many prospective homeowners are shifting their focus to Gyeonggi Province. With the anticipated decline in housing completions in Seoul over the next few years, people are looking for alternatives where they can find affordable housing options.
**Editor:** That’s interesting. What are the main factors driving this trend?
**Jisoo Kim:** The skyrocketing property prices in Seoul are a major factor. As prices continue to rise, more individuals and families are unable to afford housing within the city limits and are therefore relocating to neighboring areas like Gyeonggi Province, where housing prices are comparatively lower.
**Editor:** You mentioned a projected drop in housing completions in Seoul. What does this mean for the market?
**Jisoo Kim:** The housing completion process in Korea usually takes around two years post-licensing, so we can expect a significant drop in new homes available in Seoul starting next year. With annual planned move-in volumes plummeting—from nearly 36,000 households in 2025 to just over 2,200 in 2027—it’s evident that demand will far outstrip supply, leading to even higher prices and rental rates.
**Editor:** What does the population trend in Seoul look like right now?
**Jisoo Kim:** Data shows that Seoul’s population is declining. Last month, it was reported at over 9.34 million, a decrease of nearly 57,000 from the previous year. This trend will likely continue as more residents move to Gyeonggi Province, exacerbating the affordability crisis for those who remain.
**Editor:** It seems that the situation is quite challenging for potential buyers. What advice would you give to those in search of housing?
**Jisoo Kim:** I would advise buyers to keep an eye on new developments in the metropolitan area, particularly in Gyeonggi Province, as they might find fairer prices and modern living solutions. Projects like the Paju Munsan Station’s Dongmun East Central could offer viable options with comprehensive amenities.
**Editor:** Lastly, can you elaborate on the development of the Paju Munsan Station complex?
**Jisoo Kim:** Certainly! Dongmun Construction is launching the “Paju Munsan Station 3rd Dongmun East Central,” which will feature 951 units spread across seven buildings. With various unit sizes and amenities being developed, it reflects the growing residential demand in the Gyeonggi Province and aims to meet the needs of those moving from Seoul.
**Editor:** Thank you, Jisoo, for sharing your insights on this pressing issue.
**Jisoo Kim:** Thank you for having me! It’s an important time for housing in Korea, and I hope our discussion helps potential buyers navigate this changing landscape.
