Seoul residents buy over 11,000 homes in Gyeonggi during tax break window

More than 11,000 Seoul residents purchased homes in the Gyeonggi Province region over a three-month period as a deadline approached for a tax break on capital gains for multi-homeowners. Data shows that between February and April, 11,614 individuals residing in Seoul bought properties in Gyeonggi.

This influx of buyers was particularly notable in areas offering a good living environment and convenient access to Seoul. Cities bordering Seoul, such as Goyang (northwest), Gwangmyeong (southwest), Guri, and Namyangju (northeast), saw significant increases in buyers from the capital. Other areas like Anyang, Yongin, and Hwaseong also experienced a rise in Seoul-based purchasers.

These Gyeonggi regions are attractive because they offer newer housing developments at lower prices compared to older properties in Seoul's outskirts. For instance, a new apartment in Goyang's Deogeun district sold for 1.13 billion won, considerably less than comparable units in Seoul. This "cost-effectiveness" is a major draw for buyers.

Furthermore, the steep rise in Seoul's rental prices is pushing residents towards Gyeonggi. In Seoul's Jungnang district, a two-bedroom apartment can rent for 400-500 million won. In contrast, a smaller unit in nearby Guri was recently rented for 546 million won. This situation makes purchasing a slightly smaller, newer home in Gyeonggi a viable option for those transitioning from renting to ownership.

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People living in Seoul's outskirts as renters find it increasingly difficult to continue paying rent. They can add a little more money to their deposit and move to a smaller, newer home in Gyeonggi Province.