Public Land Price Opinion Hearings Also Decrease by 40%
[Asia Economy Reporter Yoo In-ho] The number of opinions received this year regarding the standard land official land prices from local governments and owners amounted to 8,577 cases.
According to the Ministry of Land, Infrastructure and Transport on the 12th, the number of opinions received on the standard land official land prices this year decreased by 41.2% compared to 14,588 cases last year. This is also lower than the recent 5-year average of 9,108 cases. Last year, the government targeted high-priced land with a large gap from market prices to raise the reflection rate (realization rate) of official land prices to market prices, which caused a sharp increase in the number of opinions received.
Breaking down the submissions, owners submitted 2,477 cases, down 20% from last year, and local governments submitted 6,100 cases, down 47% during the same period.
Among the submitted opinions, 270 cases were recognized as valid due to changes in land characteristics or securing balance with nearby standard land. The reflection rate accounted for only 3% of all opinions.
Meanwhile, the standard land official land prices to be announced on the 13th can be viewed on the Ministry of Land, Infrastructure and Transport website and at the civil service offices of cities, counties, and districts. Objections can be filed until March 13th through the Ministry’s website or at the civil service offices of cities, counties, and districts. The Ministry will re-investigate and evaluate the objections received by next month’s 13th, undergo a review by the Central Real Estate Price Public Announcement Committee, and make the final announcement on April 10th.
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A Ministry of Land, Infrastructure and Transport official stated, “Owners and local governments have been enabled to directly check the official land prices,” and added, “Regarding objections, we plan to notify whether they are accepted or rejected along with the review details.”
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