Next Year, Nationwide Officetel Standard Market Price Rises 8%... Commercial Buildings Up 5.34%

Gyeonggi Officetel 11.91%↑, Seoul Commercial Property 6.74%↑

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] The standard market price of officetels nationwide is expected to rise by about 8% on average next year. The standard market price of commercial buildings will also increase by more than 5%.

On the 19th, the National Tax Service announced the '2022 Standard Market Price Plan for Officetels and Commercial Buildings' containing this information and stated that it will accept objections from building owners and others from today until July 9. According to the standard market price plan, the nationwide standard market price for officetels will increase by an average of 8.06% next year.

By region, Gyeonggi-do (11.91%) will see the highest increase, followed by Seoul (7.03%), Daejeon (6.92%), and Incheon (5.84%). The nationwide standard market price for commercial buildings will rise by an average of 5.34%. By region, Seoul has the highest change rate at 6.74%, followed by Busan (5.18%), Gyeonggi (5.05%), and Incheon (3.26%).

The standard market price is the price announced by the Commissioner of the National Tax Service, who collectively calculates the land and building values of officetels and commercial buildings. The announcement targets officetels and commercial buildings located in the metropolitan area including Seoul, Incheon, and Gyeonggi, as well as the five major metropolitan cities of Daejeon, Gwangju, Daegu, Busan, Ulsan, and Sejong City.

Officetels that have been approved for use or completed by the end of August this year, and commercial buildings that have been approved for use or completed by the end of August this year with a building area of 3,000㎡ or more or 100 units or more, are included in the announcement target.

Owners of officetels and commercial buildings or related stakeholders can check the standard market price plan in advance before the announcement and submit opinions if they have any objections. The standard market price plan can be viewed by accessing the National Tax Service website or Hometax and entering the building location and unit number.

Viewing the standard market price plan and submitting related opinions can be done until July 9, and the final standard market price will be announced on December 31 this year after reviewing opinions and related deliberations.

The standard market price is used when calculating capital gains tax or inheritance and gift tax if the actual transaction price or market price at the time of acquisition cannot be confirmed. It is unrelated to holding taxes such as property tax or comprehensive real estate tax.

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