Gyeonggi Mugwort Price: 1.5 Billion Won – Gwacheon, Suwon, Gwangmyeong
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Gyeonggi-do Apartment Prices Surge: A Deep Dive into the Rising Costs and Contributing Factors
Over the past five years, apartment prices in Gyeonggi-do province, South Korea, have experienced a significant increase, with some areas now seeing 84㎡ (approximately 899 sq ft) apartments exceeding 1.5 billion won (roughly $1.1 million USD as of late 2023/early 2024). This surge is especially pronounced in areas bordering Seoul, creating affordability challenges for residents and impacting the broader housing market.
At a Glance
- What: Notable increase in apartment prices in Gyeonggi-do province.
- Where: Gyeonggi-do, South Korea, particularly cities adjacent to Seoul (Gwacheon, Suwon, Anyang, etc.).
- When: Over the past five years (2020-2024), with acceleration in recent years.
- Why it Matters: Impacts housing affordability, investment strategies, and regional economic dynamics.
- What’s Next: Continued monitoring of price trends, potential government intervention, and shifts in buyer behavior.
Key Price Trends (2020-2024)
According to data from R114 (a real estate information provider), as of last month, the average sale price per 3.3㎡ (pyeong) in Gwacheon reached 59.92 million won.Other cities in Gyeonggi-do also demonstrate high prices: Suwon (31.64 million won), Copper (31.22 million won), and Anyang (30.57 million won). These figures represent a significant jump compared to 2020.
| City | Price per 3.3㎡ (2020) | Price per 3.3㎡ (Current – Late 2023/Early 2024) | Increase (Won) | Increase (%) |
|---|---|---|---|---|
| Gwacheon | 23.79 million won | 59.92 million won | 36.13 million won | 151.8% |
| Suwon | 18.26 million won | 31.64 million won | 13.38 million won | 73.2% |
| Copper | 17.97 million won | 31.22 million won | 13.25 million won | 73.7% |
| Gimpo | 17.85 million won | 30.20 million won | 12.35 million won | 69.2% |
| Anyang | 19.61 million won | 30.57 million won | 10.96 million won |