"Lower Official Property Prices"... Objections Spread to Non-Gangnam Areas

Residents "Raising Official Prices Based on Few Transactions"
Blue House National Petition Also... "Protesting Punitive Taxation"

[Image source=Yonhap News]

[Asia Economy Reporter Moon Jiwon] This year, as the publicly announced prices of apartment complexes have risen significantly, collective objections are spreading not only in Seoul's Gangnam area but also in non-Gangnam districts and some parts of Gyeonggi Province. Residents in these areas argue that the publicly announced prices were set too high based on only a few transactions, resulting in an excessive tax burden.

According to the real estate industry on the 2nd, Indukwon Prugio Elcentro in Uiwang-si, Gyeonggi-do, which began occupancy last November, is currently preparing to file objections to the publicly announced prices, mainly through an online cafe for prospective residents. The apartment's 84㎡ (exclusive area) was publicly announced at 700 million KRW. Some residents claim that the government excessively set the publicly announced price based on only a few transactions.

The Residents' Representative Meeting of Mokdong New Town Complex 7 in Yangcheon-gu, Seoul, is also planning to submit an objection letter to the Korea Appraisal Board by the 3rd, based on residents' requests to lower the publicly announced prices. The Mokdong New Town complex, which is undergoing reconstruction, saw its publicly announced prices rise by about 27-28% this year. Residents, most of whom are actual occupants, are expressing dissatisfaction, saying the increase rate is unusually high.

In the Gangnam area, where publicly announced prices have also risen sharply, objection letters are expected to be submitted soon. Representative complexes include Eunma Apartments in Daechi-dong, Gangnam-gu, Daechi Ssangyong 1st and 2nd complexes, Raemian Blestige in Gaepo-dong, Gangnam-gu, and Raemian Prestige in Banpo-dong, Seocho-gu. Especially in these areas, due to recent rapid sales, prices have been falling, raising concerns that the publicly announced prices may exceed market prices, causing a reversal phenomenon.

On the 31st of last month, a petition titled "We request the full withdrawal of the 2020 publicly announced price increase plan" was posted on the Blue House's National Petition website. As of that morning, more than 12,000 people had agreed to the petition. The petitioner emphasized, "Excessive taxes threaten citizens' livelihoods and shrink the national economy," adding, "If the request is rejected, we will have no choice but to launch a civic movement against punitive taxation."

This content was produced with the assistance of AI translation services.