Incheon Individual Official Land Price Rises 8.45% Year-on-Year... 328,000 KRW per 1㎡

Gyeyang-gu up 11.30%, Namdong-gu up 11.17%, Bupyeong-gu up 10.91%

Individual Official Land Price Increase Rate in Incheon [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The individual publicly announced land prices in Incheon rose by 8.45% compared to the previous year.

Incheon City decided and announced the individual publicly announced land prices for 642,606 parcels surveyed as of January 1 this year on the 31st.

This year, the increase rate of individual publicly announced land prices in Incheon was 8.45%, up 4.34 percentage points from 4.11% the previous year. The average price per 1㎡ is 328,984 KRW.

By region, Gyeyang-gu (11.30%), Namdong-gu (11.17%), and Bupyeong-gu (10.91%) showed the highest increase rates, while Jung-gu (4.43%) and Ongjin-gun (5.55%) had lower increase rates.

Gyeyang-gu's increase was influenced by the development of the 3rd phase new towns such as Bakchon, Dongyang, and Gyulhyeon-dong, as well as the Seoun Industrial Complex development project. Namdong-gu's rise was affected by the Namdong Industrial Complex in Gojan-dong, surrounding semi-industrial areas, and housing redevelopment projects in Guwol-dong and Ganseok-dong. Bupyeong-gu's land price changes were analyzed to be influenced by increased land demand due to the activation of new urban-type residential housing near station areas.

The most expensive land in Incheon remains the same as last year: the site of the Kumkang Shoe building at 199-45 Bupyeong-dong, Bupyeong-gu, priced at 13.95 million KRW per ㎡. For residential land, the most expensive site is Well County Complex 3 in 9-6 Songdo-dong, Yeonsu-gu, priced at 3.354 million KRW per ㎡.

The individual publicly announced land prices can be viewed on the Real Estate Public Price Information website until June 30, and if there are objections, an objection application can be submitted to the district or county office to request a re-investigation.

The announced individual publicly announced land prices are widely used in about 61 fields, including health insurance premium calculation, property tax and other tax and charge imposition standards, and calculation of penalties for illegal buildings.

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