'Better off in Uijeongbu': A stream divides the fate of apartments in the Surak Rivercity complex

"Complex 1, which belongs to Uijeongbu, had relatively more listings sitting on the market. Being outside the regulated zone, loans are also a bit easier to get. Complexes 3 and 4, which have Seoul addresses, have seen asking prices rise sharply and fewer listings available, so transactions there have been slow." — an agent at a real estate office in Jangam-dong, Uijeongbu

Surak Rivercity is a residential development straddling Seoul and Uijeongbu, separated by a single stream. The Seoul Housing & Communities Corporation jointly developed the land and completed the project in 2009. The northern complexes — 1 and 2 — fall within Jangam-dong, Uijeongbu, while the southern complexes — 3 and 4 — belong to Sanggye-dong, Nowon-gu, Seoul. This year, complexes 1 and 2, which sit outside the land transaction permit zone and other regulated areas, have recorded more transactions than the Seoul-side complexes, drawing attention to the reasons behind the divergence.

According to real estate data platform Asil, complexes 1 and 2 together logged 30 transactions through July this year — 17 in Complex 1 and 13 in Complex 2. By contrast, complexes 3 and 4, which carry Seoul addresses, recorded just eight and one transaction, respectively.

The pattern marks a reversal from last year's annual transaction trends. In 2025, complexes 1, 2 and 4 each recorded 12 transactions, while Complex 3 led the development with 16.

Local real estate agents say the transaction gap is tied to regulatory differences — including loan-to-value ratio limits — as well as rising home prices on the Seoul side. Complexes 3 and 4, designated as regulated zones under the government's Oct. 15 measures, fall under adjustment target area, speculative overheating district and land transaction permit zone classifications, capping the loan-to-value ratio at 40 percent. Complexes 1 and 2, outside those designations, carry a 70 percent loan-to-value ratio. For newlyweds and young buyers with limited equity, the financing advantage makes complexes 1 and 2 considerably more accessible.

A broker handling Complex 1 listings said the price gap between complexes 1 and 2 and complexes 3 and 4 — based on units with an exclusive use area of 84 square meters — had traditionally been in the range of 50 million won ($34,700) to 70 million won, but widened to as much as 100 million won in the first half of the year as Seoul-side prices climbed, before beginning to narrow again. "Complexes 3 and 4 have asking prices in the 700 million won range and very few listings, so buyers who are not particularly attached to a Seoul address are choosing complexes 1 and 2, where prices are relatively lower and financing conditions are better," the broker said.

Complex 1 continued to see transactions last month, with 84-square-meter units changing hands in the low-to-mid 600 million won range. In Complex 2, an 84-square-meter unit on the 13th floor sold for 647 million won on June 9, above the 528 million won paid for a second-floor unit about a year earlier. On the Seoul side, buyers in complexes 3 and 4 appear to have moved to the sidelines.

Complex 3 has seen no further transactions since an 8th-floor unit changed hands for 690 million won in June. Complex 4's sole transaction this year was a 59-square-meter unit on the 4th floor that sold for 613 million won on June 6. Current asking prices for 84-square-meter units stand at 580 million won to 750 million won in Complex 1 (based on lower floors) and 670 million won to 800 million won in Complex 4.