Gwangju City to Determine and Announce Individual Official Land Prices on 29th... 7.26% Increase

Commercial Land in Chungjang-ro Highest at 13.2 Million KRW per ㎡

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 28th that it will decide and publicly announce the individual official land prices as of January 1, 2020, which are used as the basis for imposing national and local taxes related to land and development charges, on the 29th.

The subject of this decision and announcement includes 373,000 parcels. Based on the standard land surveyed by the Ministry of Land, Infrastructure and Transport, land characteristics and prices for individual parcels have been investigated and calculated since January this year. Afterward, the prices were verified by appraisers, followed by price inspection, submission of opinions, and deliberation by each district's Real Estate Official Price Committee before final determination.

This year's individual official land prices increased by an average of 7.26% compared to last year, which is somewhat higher than the national average of 5.95%. The rate of change by district was recorded as Nam-gu 8.93%, Dong-gu 7.95%, Gwangsan-gu 7.30%, Seo-gu 7.20%, and Buk-gu 5.93%, in that order.

By land use area, the rates of change for residential (7.41%), green space (8.45%), and management areas (9.37%) were higher than the average (7.26%), while commercial (6.65%), industrial (4.42%), and agricultural and forestry (5.85%) areas showed a slower rate of change compared to last year.

The highest land price in the jurisdiction was a commercial site on Chungjang-ro in Dong-gu, set at 13.2 million KRW per m², and the lowest was forest land on Eodeungsan in Gwangsan-gu, set at 780 KRW per m².

The individual official land prices can be viewed through the Ministry of Land, Infrastructure and Transport's Real Estate Official Price Informer.

Additionally, landowners and interested parties who have objections to the announced prices can submit an objection form either online or at the district office's civil service center by the 29th of next month. After verification by the responsible appraiser and committee deliberation, they will be notified in July.

Lee Su-won, head of the city's Land Information Division, said, "Since individual official land prices are used as the basis for taxes and various charges, we hope people will take an interest and check them carefully."

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