Due to the policy, in some areas by the lines, it will become almost unable to take a bus, which causes inconvenience for commuters going to Seoul from suburbs. (image: Visionstyler Press/flickr)
SEOUL, July 1 (Korea Bizwire) – From mid-July, no standing is allowed in all the lines of wide area buses (red buses) which run through urban highways as a measure to strengthen the passenger safety after the capsized ferry accident.
Due to the policy, in some areas by the lines, it will become almost unable to take a bus, which causes inconvenience for commuters going to Seoul from suburbs. It will also unwittingly cause a butterfly effect cutting down the suburban property prices as the transportation becomes more inconvenient.
The wide area buses could bring passengers from the outskirts of Seoul faster and easier to Seoul’s downtown areas. People living in the suburban area could easily commute to Seoul without much interruption although they should stand in the packed buses. However, the inconvenience results in price cut in suburban homes.
A real estate broker in Paju’s Unjeong New City grumbled at the policy banning standing on wide area buses. “This area already is experiencing commuting wars in the morning and in the evening. It’s natural that the property prices fall as public transportation gets more inconvenient.”
In fact, the prices of some apartment complexes have fallen so much. The price of an 84.22 square meter-sized apartment at an apartment complex where the last Seoul-bound bus stop is located fell to 284.5 million won from 310 million, more than 25 million won cut in just two months.
Another real estate broker in the area said, “We cannot say for sure that the policy measure only made the price lower. However, the policy worsens public transportation more inconvenience. It’s common that home buyers prefer places with convenient transportation.”
By the banning standing in the buses, the wide area buses will not be enough for the commuters to go to work and come back home although the government plans to add 222 buses to cover the needed demand. Also, it is expected to cause heavy traffic due to the increased buses.
Meanwhile, the policy will put pressure on the prices of apartments near subway stations as many people will take subway for their commuting. A real estate market observer said, “Already there is a wide gap between the subway area and non-subway area in the real estate prices. Now, the gap will be widened more. Also, the popularity will rise in areas where bus garages are nearby although they are farther from Seoul.”
Written by John Choi (johnchoi@koreabizwire.com)
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