[비즈한국] Wirye New Town holds a unique position in South Korea's real estate market. Spanning across Songpa-gu in Seoul, and the cities of Seongnam and Hanam in Gyeonggi-do, this new town holds the special status of being the only second-generation new town in the metropolitan area that encompasses administrative districts of Seoul. As a large-scale planned city accommodating approximately 43,000 households and a population of about 110,000 across a total area of 6.8㎢, its development began in 2008 with the goal of dispersing housing demand from the Gangnam area.
The most significant feature that distinguishes Wirye New Town from others is the "Seoul premium" enjoyed by apartment complexes located in Songpa-gu. Complexes belonging to Songpa-gu, such as Hillstate Songpa Wirye, Wirye I-Park (1st and 2nd), and Songpa Wirye Dream Green, are recognized for having higher asset values than those in the Gyeonggi-do areas within the same new town. In fact, recent transactions show complexes in Songpa-gu hitting record-high prices in the 1.8 billion won range, forming a price tier comparable to apartments in the Gangnam area.
The Wirye Tram, which began construction in April 2023, holds great historical significance as the first streetcar to be revived in Seoul in 57 years since 1968. With a total length of 5.4km connecting Macheon Station, Bokjeong Station, and Namwirye Station, it consists of 12 stops and is aiming for an opening in the first half of 2026.
The most anticipated project in Wirye New Town is the Wirye-Sinsa Line. This metropolitan railway, connecting Wirye New Town to Sinsa-dong in Seoul's Gangnam-gu, will consist of 11 stations over a total length of 14.8km and is expected to dramatically improve accessibility to Gangnam for Wirye residents. Although the project was on the verge of collapse after construction firms abandoned bids for the private-investment project, the Seoul Metropolitan Government converted it into a fiscal project in 2025, reviving its momentum. The project cost is set at 1.9313 trillion won, and it is expected to serve an average of 170,000 passengers per day. Although the opening date is likely to be delayed until after 2030, real estate values in station-adjacent areas are expected to rise as construction becomes more visible.
Wirye New Town boasts an excellent educational environment. Wirye Jungang Middle School is rated as a "Level 2" school, placing it in the top 25% nationwide and the top 22% in Gyeonggi-do, while Wirye Middle School is ranked as a "Level 2.6" school, in the top 41% nationwide. The academy district (hagwon-ga) is divided into the Wirye Songpa commercial area, Wirye Jungang commercial area, and Wirye Hangari commercial area, catering to diverse educational demands.
The commercial districts of Wirye New Town are largely divided into the Transit Mall, Wirye Central Plaza, and the area near Unam Station. The Transit Mall serves as the central commercial hub, designed as a 1.2km-long European-style street mall. It features pedestrian-only zones that offer a pleasant shopping environment. Major retail facilities, including Starfield City Wirye, are located there, providing excellent convenience, and large-scale commercial facilities like the Wirye Jungang Tower are in operation. Notably, the commercial land ratio in Wirye New Town is 1.9%, which is significantly lower than Bundang (4.65%), Pangyo (2.49%), and Gwanggyo (4.03%), making the shops highly valued for their scarcity and investment potential.
Opened in 2021, the Hanam City Wirye Library is located in the heart of Wirye New Town, spanning a total floor area of 2,218㎡ across three floors. It operates as an art-specialized library and houses over 59,000 books. It is particularly noted as a successful case of inter-administrative cooperation, as not only Hanam residents but also those living in the Songpa-gu and Seongnam-si sections of Wirye can register as full members.
Large-scale sports and cultural facilities are currently under construction in Wirye New Town. The Wirye Complex Sports Facility, with a 38.5 billion won investment, is under construction with a target completion date of mid-2025; it will include a swimming pool (25m, 5 lanes), a multi-purpose gym, and virtual sports facilities. Additionally, a complex cultural facility and another sports facility spanning 23,000㎡ (7,000 pyeong) are targeted for completion in 2025, which is expected to satisfy the cultural and athletic needs of the residents.
The Wirye New Town real estate market is showing signs of recovery after going through a correction period following its peak in 2021. In the case of Songpa-gu complexes, record prices are being broken again this year, with a 38-pyeong Wise The Sharp trading at 1.8 billion won and a 40-pyeong Hillstate Songpa at 1.83 billion won.
However, some downward trends are appearing due to delays in transport infrastructure and the impact of regulations. For example, a 101㎡ unit at Hillstate Songpa Wirye fell from 1.78 billion won last year to 1.63 billion won this year—a drop of about 150 million won—and a 75㎡ unit at Dream Green was adjusted from 1.498 billion won to 1.46 billion won.
Once the redevelopment of the nearby Geoyeo-Macheon New Town and Seongnam New City is completed, a new residential belt will be formed around Wirye New Town, which is expected to have a positive impact on the overall improvement of infrastructure. Synergy effects with neighboring new towns like Gamil and Misa Riverside City are also anticipated.
Wirye New Town is achieving results that align with the policy goal of dispersing housing demand from the Gangnam area. By providing residential spaces at relatively reasonable prices while maintaining accessibility to Gangnam, it is expanding home-ownership opportunities for the middle class. In particular, the proportion of mid-to-large apartments with a dedicated area exceeding 85㎡ is 41.9%, serving to satisfy the needs of families.
With a population of approximately 117,000, Wirye New Town is the largest of the second-generation new towns, surpassing Pangyo (approx. 94,000) and Gwanggyo (approx. 82,000), and contributes significantly to regional economic revitalization. The positive ripple effects of major retail facilities like Starfield City and various other commercial facilities on the economies of Songpa-gu, Seongnam-si, and Hanam-si are substantial.
Wirye New Town possesses the scarcity of being the last large-scale new town developed in an area bordering Seoul in the metropolitan region. Given that it is difficult for a new town of this scale to be created near Seoul again, it is evaluated as having high long-term asset value preservation capability.
Furthermore, because the commercial land ratio is a remarkably low 1.9% compared to other new towns, competition density in the commercial sector is lower, suggesting that stable returns can be secured for shop investments.
Wirye New Town serves as a "bedroom community" for workers in Gangnam and continues to see steady demand from people moving for education based on its excellent school environment. In particular, the Songpa-gu section is considered to have high stability for rental demand as it enjoys the benefits of the Seoul school district.
Spanning three local governments, Wirye New Town also contributes to balanced regional development. Hanam City, in particular, has recorded the highest population growth rate in the nation thanks to the development of Wirye and Misa Riverside City, serving as a growth hub for the southeastern part of the Seoul metropolitan area.
Wirye New Town occupies a unique position in the history of South Korean new town development. It is regarded as a premium new town equipped with all the necessary conditions: its metropolitan nature spanning Seoul and Gyeonggi-do, its absolute location with access to Gangnam, its eco-friendly design, and upcoming innovations in transport infrastructure.
Although there are challenges such as delays in transport infrastructure and complexities caused by administrative boundary divisions, the ripple effect at the time these issues are resolved is expected to be even greater. In particular, the opening of the Wirye-Sinsa Line will be a decisive moment that will elevate the value of Wirye New Town to the next level.
Over the next 10 years, Wirye New Town is expected to be recognized for its premium value in all aspects—including real estate investment, living environment, and educational conditions—as the last frontier of the Seoul Gangnam area. This is precisely why one should pay attention to Wirye New Town in the metropolitan real estate market. It possesses infinite potential as an innovative city that leads future lifestyles, beyond being just a residential space.
Wirye New Town is already writing its own success story, and the future unfolding ahead is even brighter. As a city that presents a new paradigm for new town development in South Korea, now is the time to pay attention to Wirye New Town.
Kim Hak-ryeol, the head of Smart Tube Real Estate Research Institute, known by his pen name "Pasyong," previously served as a team leader at the Real Estate Research Division of Korea Gallup. He operates and hosts the Naver blog "Pasyong's World Exploration" and the YouTube channel "Stube TV." His books include "The Power of Gyeonggi Real Estate (2024)," "The Absolute Principles of Seoul Real Estate (2023)," "The Future of Incheon Real Estate (2022)," "Kim Hak-ryeol's Absolute Principles of Real Estate Investment (2022)," "The Future Map of South Korean Real Estate (2021)," "From Now On, Only Rising Areas Rise (2020)," and "South Korean Real Estate User Manual (2020)."