Investors need to watch metro plans

Urbanist Nikola Medimorec talks to the Seoul Real Estate Investing Meetup group about the direction of urban development at 10K City Hall in central Seoul, Saturday. / Courtesy of Jon Dunbar

By Jon Dunbar

Urbanist Nikola Medimorec said Saturday that real estate investors need to pay attention to plans to construct new subway networks in and around Seoul.

"The backbone of Seoul is public transport," said Medimorec, who's contributed since 2013 to urbanist website Kojects.com, founded in 2011 by Andy Tebay.

"First time I came to Korea it was the most impressive thing to see this subway network. It was easy to use, clean ― also easy to navigate," he added.

He made the remarks during an event for the Seoul Real Estate Investing Meetup group at 10K City Hall, downtown Seoul, introducing the past and future of urban development in the capital city and the surrounding areas.

He advised investors to consider upcoming infrastructure projects when selecting real estate investments.

But the German national, who completed Seoul National University's geography program with an MA and now consults for the Global Green Growth Institute (GGGI), wasn't just full of praise, also leveling criticisms.

"I see one problem compared to other cities in other parts of the world," he said. "The system is very one-dimensional. Except Lines 1, 4 and 9 there are no express trains, whereas other capitals around the world have commuter systems. Of course Korea is aware of this problem."

He spoke at length on the controversial GTX plan, which includes three new high-speed lines crisscrossing the capital region.

"Songdo is now advertising the GTX, saying you're going to reach Seoul in 30 minutes," he said.

The plan isn't finalized yet, and as Medimorec pointed out, the costs of the Songdo-Cheongnyangni route are triple the benefits. He was more optimistic about the GTX-A line connecting Seongnam and Goyang across Seoul, boasting a cost-benefit ratio of 1.33.

"On the slightest intention by the government to think about new lines or subway extensions, real estate companies pick it up and advertise it," he said.

He spoke of seeing such advertisements around his own home in Gwanggyo, eastern Suwon, well ahead of the extension of Sinbundang Line. Since phase 2 opened on Jan. 30, Gangnam is now a mere 30-minute subway ride away.

But, he said, "Public transportation doesn't end at the subway stop," saying that it reflects the total journey "from your house to your destination."

He spoke of the Human City Seoul project, aimed at improving the pedestrian and cycling experience, introducing bikeshares, transit malls and pedestrian zones. The city also plans for every citizen of Seoul to live within 10 minutes walking distance to the nearest subway station, he said.

"I wanted to show you where development is going to be focused, where Seoul wants to focus it," he told the audience. "So, it's up to you connect all these dots."

The Seoul Real Estate Investing Meetup group welcomes anyone interested in real estate here and abroad, with education and networking opportunities through informal meet-ups, field trips and seminars.

For more information visit: seoulreimeetup.com.

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