[2020 Individual Official Land Prices] Seoul Land Prices Rose 8.25% in One Year

Seocho-gu Records Highest Increase Rate at 12.37%
Myeongdong Nature Republic Maintains Highest Official Land Price for 17 Years

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 28th that it will determine and publicly announce the individual official land prices for 880,827 parcels of land surveyed as of January 1 this year on the 29th.

This year's individual official land prices rose by 8.25% compared to last year. The increase rate was somewhat lower than the previous year's 12.35%. Seoul explained, "It is analyzed that the overall real estate market remained stable, resulting in a moderate rise in land prices."

Among the total 880,827 parcels, 856,168 parcels, accounting for 97.2%, saw an increase in individual official land prices, while 16,670 parcels, or 1.9%, maintained a stable price.

By autonomous district, Seocho-gu recorded the highest increase rate at 12.37%. Seoul explained, "The rise in land prices is due to the price adjustment of apartments in Jamwon-dong and Banpo-dong." This was followed by Gangnam-gu at 9.93%, Seongdong-gu at 9.81%, and Seodaemun-gu at 9.09%.

By land use area, residential areas increased by 8.92%, commercial areas by 6.21%, industrial areas by 8.24%, and green areas by 4.28%.

The highest official land price in Seoul is located at 24-2, Chungmuro 1-ga, Jung-gu (Nature Republic cosmetics store), which has held the highest price since 2004. It recorded 199 million KRW per 1㎡ and 656 million KRW per 3.3㎡, rising 8.74% compared to the previous year.

The lowest price was recorded at Dobongsan natural forest, San 50-1, Dobong-dong, Dobong-gu. It was 6,740 KRW per 1㎡ and 22,000 KRW per 3.3㎡.

Individual official land prices can be checked by accessing the Seoul Real Estate Information Plaza or the Ilsa Pyeonri Seoul Real Estate Information Inquiry System and entering the land location.

For land parcels with objections, Seoul will re-investigate land characteristics, undergo verification by appraisal experts, and review by the autonomous district real estate price disclosure committee, and will re-determine and publicly announce the results by July 27.

Seoul will operate an appraisal expert consultation system during the objection period for this year's individual official land prices from the 29th to June 29. A consultation desk with appraisal experts will be opened so that citizens with questions about individual official land prices can receive direct consultation from professional appraisers. For telephone consultations, citizens can request consultation through the Seoul 120 Dasan Call Center.

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