Residents Angry Over Public Price Hike, Rush of Collective Objections

[Asia Economy Reporter Yoo In-ho] It has been revealed that collective objections to this year's increase in official prices of apartment complexes have been continuously filed, centered around the Gangnam area in Seoul.

While the number of objection cases is expected to reach 40,000, it has been confirmed that about 7,000 residents from 16 complexes in the Gangnam area have collectively submitted objections.

According to the Ministry of Land, Infrastructure and Transport and the Korea Appraisal Board on the 13th, during the public opinion hearing period for official apartment prices from the 19th of last month to the 8th of this month, there were 35,000 complaints requesting adjustments to the official prices. Most of the objections counted so far were submitted online through the 'Official Price Informer,' and when including opinion letters received by mail or fax at local government civil service offices, the total number of complaints is expected to reach 40,000.

This year's number of submissions for apartment price opinions is the highest in 13 years. Even with the current tally, it is nearly 7,000 more than last year's 28,735 cases, when dissatisfaction with official prices reached an extreme level. While only 1,290 cases were submitted in 2018, the number has significantly increased for two consecutive years since last year due to the sharp rise in official prices.

The surge in objections appears to be due to homeowners' backlash over concerns about the increased property tax burden caused by the sharp rise in official prices. In fact, in the Gangnam area, where high-priced homes are concentrated, about 7,000 households from 16 complexes including Eunma, Mido, Ssangyong, and Raemian Daechi Palace in Daechi, Samsung, and Gaepo-dong collectively submitted opposition letters to the official price announcement on the 7th.

Requests to lower official prices have also poured in from large apartment complexes in districts such as Mapo, Yongsan, and Seongdong. The average official apartment price in Gangnam-gu this year was 25.57%, the highest in Seoul, with some complexes seeing increases of up to 40%.

The official apartment prices will be announced on the 29th after consultation and analysis based on the public opinion hearing. Objections will be accepted until May 29, and any adjusted parts will be re-announced on June 26.

A Ministry of Land official said, "We have not yet analyzed the objection cases," adding, "Once the opinion hearing is finally closed by the Appraisal Board, we will conduct a detailed analysis and grasp the current status."

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