Suwon City Submits Opinion Letter on Gradual Realization of Standard Land Official Prices

Suwon City Hall

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province has submitted a letter of opinion to Gyeonggi Province and the Ministry of Land, Infrastructure and Transport demanding a 'gradual realization of the standard land official land price.'

On the 6th, Suwon City announced that ahead of the government's announcement of the standard land official land price on the 25th, it submitted a letter of opinion through the Suwon City Real Estate Price Public Notice Committee stating that "if the standard land official land price rises more than 10% for two consecutive years, the burden may be passed on to citizens such as self-employed and tenants who have been severely affected by COVID-19," and that a realization plan should be prepared.

According to the preliminary standard land official land price for 2022 nationwide, released earlier by the Ministry of Land, Infrastructure and Transport, the standard land official land price (draft) for 2,666 parcels in Suwon City rose 10.0% compared to the previous year.

The Ministry of Land, Infrastructure and Transport will review opinions submitted by each city, county, and district, then finalize and publicly announce the standard land price on the 25th after deliberation by the Central Real Estate Price Public Notice Committee. The Ministry will then accept objections through the 'Real Estate Price Public Notice Information' website and each district office's civil service center until the 23rd of next month.

A Suwon City official explained, "The standard land official land price announced by the Ministry of Land, Infrastructure and Transport serves as the basis for calculating individual official land prices surveyed and calculated by Suwon City, and individual official land prices are the basis for levying various taxes," adding, "Since the rise in official land prices directly affects citizens, we actively reflected the opinions of the Real Estate Price Public Notice Committee and submitted our opinions to the Ministry of Land, Infrastructure and Transport."

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