Gyeongbuk Province Announces Individual Land Prices... Gunwi Soars 15.22%

Gyeongbuk Province's National Average Variation Rate is 1.33%p Lower Than 9.95%

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Gyeongsangbuk-do announced the individual official land prices for 4.23 million parcels within the province, surveyed and calculated as of January 1 this year, as of the 31st.

The average change rate of individual official land prices in the province was recorded at an 8.62% increase (4.89% in 2020). This was 1.33 percentage points lower than the national average change rate of 9.95%. Among the provincial-level regions, Gyeongsangbuk-do ranked 11th in terms of price increase, following Gwangju (12.36%), Sejong (11.89%), Daegu (11.56%), and Seoul (11.54%).

The major rising areas by city and county within the province were Gunwi County at 15.22%, Uljin at 14.78%, Bonghwa County at 13.76%, and Ulleung at 12.79%. The increase in Gunwi County appears to be due to the Daegu-Gyeongbuk Integrated New Airport issue and increased demand for rural residential development.

In Uljin County, expectations for improved accessibility due to the commencement of the Donghae Line and increased demand for East Coast real estate development contributed to the rise. In Bonghwa County, factors included an increase in visitors to the National Baekdudaegan Arboretum and the start of construction of the National Youth Forest Center. In Ulleung County, the full opening of the circular road and the establishment of tourism infrastructure were major factors driving the increase.

The highest individual parcel official land price in the province was identified at 596-16, Jukdo-dong, Buk-gu, Pohang City (land, Keunshijang Pharmacy), at 12.8 million KRW per square meter (42.24 million KRW per pyeong). The lowest price was at 169-1, San, Sinwon-ri, Unmun-myeon, Cheongdo County (forest, natural woodland), at 201 KRW per square meter (663 KRW per pyeong). The highest official land price nationwide was at 24-2, Chungmuro 1-ga, Jung-gu, Seoul (land), at 2.065 billion KRW per square meter (6.88145 billion KRW per pyeong).

The individual official land prices decided and announced this time can be viewed through the Gyeongbuk Real Estate Information Inquiry System, the websites of the city, county, and district offices with jurisdiction over the land location, and the town, township, and neighborhood offices.

Landowners or others who have objections to the official land prices can use the objection application forms available at the city, county, and district offices or town, township, and neighborhood offices, or download the form from the Gyeongsangbuk-do website and submit the objection application to the city, county, or district office with jurisdiction over the land location by June 30.

A Gyeongsangbuk-do official emphasized, "Since individual official land prices are closely related to residents' lives as they are used as the basis for national and local taxes related to land and various charges, landowners and stakeholders must check the decided prices within the period."

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