Land Prices Also Soar... Nationwide Increase of 1.07% in Q3

The Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced on the 25th that the nationwide land price increase rate for the third quarter of this year was 1.07%. This is an increase of 0.02 percentage points compared to the previous quarter (1.05%) and 0.12 percentage points compared to the third quarter of last year (0.95%).

According to the Ministry of Land, both the Seoul metropolitan area (1.19% → 1.23%) and provincial areas (0.80% → 0.82%) saw an expanded rate of increase compared to the previous quarter. In the metropolitan area, Gyeonggi (1.07% → 1.13%) and Incheon (0.96% → 1.12%) experienced larger increases, while Seoul's (1.34% → 1.32%) rate of increase slightly decreased.

In the provinces, the rate of change in four cities?Sejong (1.48%), Daejeon (1.13%), Daegu (1.12%), and Busan (1.09%)?exceeded the national average.

By land use area, the increase rates were 1.18% for residential areas, 1.16% for commercial areas, 0.95% for green spaces, 0.92% for industrial areas, 0.88% for planned management areas, and 0.71% for agricultural and forest areas.

The volume of land transactions (including land attached to buildings) in the third quarter was approximately 787,000 parcels (479.6 km²), down 12.3% from the previous quarter and 10.5% from the same period last year.

The volume of pure land transactions, excluding land attached to buildings, was about 273,000 parcels (435.6 km²), a 19.4% decrease compared to the previous quarter. However, it increased by 1.2% compared to the third quarter of last year.

The volume of pure land transactions has shown a declining trend centered on farmland since April this year.

Compared to the second quarter, land transaction volumes decreased in all 17 metropolitan cities and provinces, including Daejeon (-27.7%), Daegu (-27.0%), Busan (-21.5%), and Jeju (-20.7%).

Based on pure land transaction volumes, all 17 metropolitan cities and provinces also saw decreases, including Jeonbuk (-26.8%), Jeonnam (-25.3%), Daegu (-24.9%), Daejeon (-22.4%), and Jeju (-22.2%).

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