Yeoju City, Standard Land Price Public Notice Rises 6.9% This Year

Average Growth Rate of 3.41% Over the Past 5 Years

Yeoju City Hall

[Asia Economy Reporter La Young-cheol] This year, the official land price of standard land in Yeoju-si, Gyeonggi-do, rose by 6.96%, significantly higher than the average increase rate of 3.41% over the past five years.

According to the city on the 1st, Yeoju-si's 2021 official standard land price (land) recorded a 6.96% increase, showing the third lowest rise among cities, counties, and districts in Gyeonggi-do after Paju and Yeoncheon. However, compared to the average increase rate of 3.41% over the past five years, this is a high growth rate.

By region, the rates are as follows: Jeomdong-myeon and Geumsa-myeon 7.56%, Daesin-myeon 7.41%, Jungang-dong 7.24%, Yeheung-dong 7.02%, Sanbuk-myeon 6.99%, Ohak-dong 6.97%, Gangcheon-myeon 6.89%, Neungseo-myeon 6.8%, Ganam-eup 6.74%, Buknae-myeon 6.43%, and Heungcheon-myeon 5.79%.

Meanwhile, the Ministry of Land, Infrastructure and Transport will publicly announce the 2021 official standard land prices for 520,000 parcels nationwide (2,398 parcels in Yeoju-si) starting today, after procedures including owner inspection and opinion hearing.

The officially announced standard land prices this time show a nationwide average increase rate of 10.37%, the highest since 12.4% in 2007.

This is analyzed to be due to the application of the 'Realization Plan for Publicly Announced Real Estate Prices (targeting 90% reflection of market prices by 2028 for land, 2030 for multi-family housing, and 2035 for single-family housing)' announced by the Ministry of Land, Infrastructure and Transport in November last year, based on market surveys by certified appraisers, which caused the official prices to rise.

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