2021 Individual Official Land Prices in Gyeongnam Rise by 7.75%

2.2%p Lower Than the National Average Increase Rate of 9.95%

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced the individual official land prices as of January 1, 2021, for 4,314,948 parcels within the province on the 31st.

This year, Gyeongnam's official land prices rose by 7.75% compared to the previous year, which is 4.76 percentage points higher than last year's 2.99% increase.

The increase rate in Gyeongnam is 2.2 percentage points lower than the national average individual official land price increase rate of 9.95%, marking the second-lowest rise nationwide, which appears to be due to the overall economic downturn in Gyeongnam.

The city/county with the highest increase in official land prices within the province was Namhae-gun (11.37%), recording the highest increase rate for three consecutive years.

On the other hand, the city/county with the lowest increase rate was Geoje-si (6.01%), mainly attributed to the decline in land prices caused by the shipbuilding industry recession.

During the opinion submission period before the official announcement, 1,031 parcels requested price reductions, accounting for 87.7% of the total parcels submitted for opinions (1,175 parcels). After re-investigation, verification, and committee review, 328 parcels, or 27.9% of the total, were adjusted.

The individual official land prices announced this time can be viewed from the 31st until June 30th on the Real Estate Official Price Information website or at the city, county, or district office where the land is located.

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