18 Apartment Complexes in Sejong City Submit Collective Objections to Official Property Prices

[Asia Economy (Sejong) Reporter Jeong Il-woong] Eighteen apartment complexes in the Sejong area collectively filed objections to the publicly announced property prices.

According to the Sejong Apartment Residents' Representatives Association (hereinafter Seayoun) on the 7th, the objections mainly involved apartments in Garak Village, Gaon Village, Gajae Village, Surubae Village, Saetteum Village, Beomjigi Village, and Horyeoul Village, located in the Goun, Dajeong, Bangok, Boram, Saerom, Areum, and Jongchon-dong areas.

These apartments submitted their objections on the 5th by delivering a joint petition requesting the Ministry of Land, Infrastructure and Transport to reassess the publicly announced land prices.

In a statement, Seayoun argued, “Sejong is a region where apartment prices have surged sharply in a short period due to development prospects and the relocation of the National Assembly, and imposing taxes on unrealized gains violates the principle of taxation by law.”

They also urged a reassessment of the publicly announced prices, stating, “The burden of failed real estate policies should not be shifted onto homeowners.”

Prior to the collective objections from local apartment complexes, Sejong City also submitted opinions to the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board on the 1st, calling for a reduction in the publicly announced prices by reflecting the variance in actual apartment transaction prices and actual transaction volumes.

At that time, Sejong Mayor Lee Chun-hee conveyed the local sentiment, saying, “Many citizens are expressing anxiety and dissatisfaction over the sharp increase in property holding taxes, with numerous apartment complexes in Sejong City preparing collective objections.”

Meanwhile, this year Sejong recorded the highest nationwide increase in publicly announced apartment prices, rising by 70.68%, with the median price reaching 423 million won.

In particular, when compared to Gyeonggi Province (23.96%) and Daejeon City (20.57%), which had the second and third highest increases respectively, Sejong showed a gap of 46.72% to 50.11%, and it was 51.60% higher than the national average increase rate of 19.08%.

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