Individual Housing Prices in Songpa-dong, Songpa-gu Increase by 9.63% Compared to Last Year

Impact of Subway Line 9 Phase 3 Opening... Songpa-gu Individual Housing Prices Rise 6.78% Year-on-Year

[Asia Economy Reporter Jong-il Park] Songpa-gu (Mayor Park Seong-su) announced that the individual housing prices this year increased by an average of 6.78% compared to last year.

Songpa-gu announced the ‘Individual Housing Prices as of January 1, 2020’ on the 29th.

This announcement covered 8,771 individual houses within Songpa-gu.

Since November last year, Songpa-gu conducted a survey on the characteristics of individual houses in the area, followed by verification by the Korea Appraisal Board, collection of opinions from homeowners, and deliberation by the Songpa-gu Real Estate Price Disclosure Committee to determine the individual housing prices.

Songpa-gu explained that due to factors such as transportation, convenience, and diversity of amenities, the area is highly preferred as a residential area, with expectations for multi-family housing development, leading to high demand for detached housing areas.

Additionally, the extension opening of Seoul Subway Line 9 and large-scale development projects are factors driving price increases, causing prices to rise across the region.

Looking at the price determination and announcement by neighborhood, the 9.63% increase in individual housing prices in Songpa-dong stands out.

Songpa-gu explained that the completion of the third phase of Seoul Subway Line 9, and the designation of special planning zones in the Seokchon Burial Mound District, Songpa Naru District, and Bangi District are expected to gradually convert the area into a commercial district, positively impacting individual housing prices in Songpa-dong.

On the other hand, Jamsil-dong recorded a 5.73% increase in individual housing prices. Although prices rose, this was the lowest increase rate in Songpa-gu.

Songpa-gu explained that in the case of Jamsil-dong, the factors determining housing price levels are stable.

Individual housing price inquiries in Songpa-gu can be made through the Real Estate Price Disclosure website (www.realtyprice.kr), Songpa-gu Office website (www.songpa.go.kr), the Tax Administration Division of Songpa-gu Office, or each neighborhood community service center.

Homeowners and legally interested parties who have objections to the individual housing prices can submit an objection form by May 29. For houses with submitted objections, re-investigation and verification will be conducted regarding the application of comparable standard houses and the appropriateness of price balance with nearby individual houses, followed by deliberation by the Songpa-gu Real Estate Price Disclosure Committee.

The results will be individually notified to the objectors and adjusted and announced on June 26.

Park Seong-su, Mayor of Songpa-gu, stated, “Since housing prices are used as criteria for local taxes, national taxes, and health insurance premiums, please be sure to check any questions within the period,” and added, “We will strive to calculate fair and reliable individual housing prices through communication with local residents.”

Songpa-gu Office Tax Administration Division

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