Chungnam Land Prices Increase by 6.9 Trillion Won... Highest Price at Cheonan Gwangsan Building

[Asia Economy (Naepo) Reporter Jeong Il-woong] This year, the total land price in the Chungnam region recorded 225.6326 trillion KRW, an increase of 6.9 trillion KRW compared to the previous year. The average land price per 1㎡ rose by 779 KRW from 26,631 KRW last year to 27,410 KRW this year. The most expensive land in Chungnam is the Gwangsan Building located in Sinbu-dong, Cheonan.

Chungnam Province announced on the 28th that it will decide and publicly announce the individual publicly announced land prices as of the 29th. The individual publicly announced land prices are based on January 1 of this year.

According to the province, this year's individual publicly announced land prices increased by an average of 2.67% compared to the previous year. When categorizing the fluctuation status, the land parcels with increased announced land prices were 2,761,000 parcels (77.5%), and those with decreased prices were 389,000 parcels (10.9%).

The land parcels with no change in announced land prices between last year and this year were 379,000 parcels (10.7%), and new land parcels were 32,000 parcels (0.9%).

This year, due to the increase in announced land prices, the land property tax is expected to increase by 5.8 billion KRW from 218.5 billion KRW last year to 224.4 billion KRW.

The land with the highest announced land price in Chungnam was the Gwangsan Building, recording an announced land price of 10,000,030 KRW per 1㎡ (9,818,000 KRW in 2019). Conversely, the land with the lowest announced land price was a cemetery located at 7-1, Namsim-ri, Misan-myeon, Boryeong City, priced at 270 KRW per 1㎡ (264 KRW in 2019).

By city and county, Gyeryong City, where development projects such as the Daesil District are underway, had the highest increase rate at 4.22%, followed by Geumsan County (4.14%) affected by housing development projects and Seocheon County (4.09%) influenced by the new government office site. The area with the lowest increase rate was Dangjin City (0.84%).

The details of the decision and announcement of the publicly announced land prices can be viewed until the 29th of next month on the online site ‘Real Estate Public Price Informer’ or at the civil service offices of the city, county, or district where the land is located, as well as at the town, township, or neighborhood offices.

Also, if there is any objection to the decided and announced land price, an objection application form must be completed and submitted directly or by mail or fax to the civil service office of the city, county, or district where the land is located by the 29th of next month. Objections can also be filed online through ‘Government24’.

The province will review whether to readjust the land prices for which objections have been received through on-site investigations by responsible officials, verification by appraisers, and deliberation by the city/county real estate price announcement committee, and notify the results by the end of July.

Seo Un-seok, head of the Land Management Division of the province, said, “Publicly announced prices are widely used in over 60 areas including various tax and charge impositions, health insurance premium calculations, determination of basic old-age pension recipients, and public officials’ property registration. If there is an objection to the land price, we urge you to use the free consultation system with appraisers and be sure to file an objection within the designated period.”

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