Samsung affiliates boost values of real estate in vicinity
An aerial view of Samsung Electronics plant in Gyeonggi Province / Korea Times file
By Yi Whan-woo
Real estate values are increasing in areas where Samsung's affiliates operate or their investment is underway, according to data, Sunday, indicating the influence of the nation's No. 1 conglomerate on regional markets and economies.
According to housing price information provider, R114, the average housing price of Yeongtong District in Suwon, where Samsung Electronics' headquarters in Gyeonggi Province is located, is 27.7 million won ($22,000) per 3.3 square meters.
That is higher than the average price of a home in Suwon at 21.9 million won per 3.3 square meters.
“This definitely can be attributable to the presence of Samsung,” R114 said.
It pointed out a total of nine apartment complexes that were built after Samsung Electronics moved its headquarters to the area in 2016 were all sold out.
In particular, the price more than doubled for one of the complexes after it was put up for sale.
In Pyeongtaek, which is home to Samsung Electronics' semiconductor plant in Gyeonggi Province, the competition reached the double-digit rate for most of the apartments in three different complexes built in 2020 in the vicinity of the factory.
Samsung Display and Samsung SDI are among the conglomerate's affiliates that are making a huge investment on research in the South Chungcheong Province cities of Cheonan and Asan.
The average price of land per 3.3 square meters is 10 million won in Cheonan and 9.7 million won in Asan.