Seoul residents surge into Gyeonggi apartments as prices and loan limits tighten

Rising Seoul home prices and tighter mortgage caps have driven a wave of purchases by Seoul residents in nearby Gyeonggi Province. In the first half of 2024, ownership transfers for Gyeonggi apartment complexes filed by Seoul dwellers reached 22,634, a 37 % rise over the same period last year and the highest level in four years. The surge is concentrated in well‑connected cities such as Guri, Gunpo, Gwangmyeong, Uiwang and Anyang, where transaction counts have more than doubled compared with a year earlier.

At the same time, demand for ultra‑small units (≤ 40 m²) has hit a record. Seoul’s 40 m²‑or‑smaller apartment sales hit 3,985 transactions from January to May 2024, a 48 % jump from the previous year and the highest volume since data collection began in 2006. Similar growth is seen in Gyeonggi, with 3,199 such sales. Buyers, many in their 20s and 30s, are opting for prime locations over size, even as per‑square‑meter prices in these tiny units climb to record levels.