Sejong Apartments with 'Significant' Increase in Official Prices... Price Reduction Opinion Submitted to Ministry of Land, Infrastructure and Transport

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City has submitted a request to the Ministry of Land, Infrastructure and Transport to lower the official apartment prices in the region.

According to the city and the Ministry on the 1st, Sejong recorded the highest nationwide increase rate in official apartment prices, rising by 70.68%, with the median price reaching 423 million KRW.

In particular, compared to Gyeonggi-do (23.96%) and Daejeon City (20.57%), which have the second and third highest official price increase rates after Sejong, there is a gap of 46.72% to 50.11%. This is also 51.60% higher than the national average official price increase rate (19.08%).

Regarding this, Lee Chun-hee, Mayor of Sejong City, conveyed the local atmosphere, stating, "Many citizens are expressing anxiety and dissatisfaction due to the sharp increase in property taxes, with multiple apartment complexes in Sejong preparing collective appeals."

He also stated, "Apartment prices in the city showed a temporary rise due to factors such as the promotion of the National Assembly Sejong Chamber installation and a decrease in supply volume," adding, "Moreover, considering the significant price differences in actual transaction prices among apartments and the low transaction volume of new housing, it is necessary to be cautious when calculating official prices."

Along with the request to lower official apartment prices, Mayor Lee expressed the city's determination to strive for housing price stabilization on its own.

Mayor Lee emphasized, "The rapid rise in housing prices acts as a factor hindering the relocation of government agencies to Sejong and the influx of population into the region, which will also be an obstacle to the completion of the administrative capital," and added, "The city will prepare and implement various policies to stabilize housing prices, such as advancing the timing of land supply."

Meanwhile, the Ministry of Land, Infrastructure and Transport plans to receive opinions on the draft official prices for multi-family housing until the 5th of this month and finalize and announce them on the 29th.

Appeals can be submitted directly to the Ministry's 'Real Estate Official Price Informer' or the Korea Real Estate Board, and submissions are also possible at community service centers.

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