Land Prices Nationwide Rose 1.03% in Q4 Last Year... Transaction Volume Decreased by 2.7%

(Data provided by the Ministry of Land, Infrastructure and Transport)

The Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced on the 24th that nationwide land prices rose by 1.03% in the fourth quarter of last year, showing a smaller increase compared to the third quarter (1.07%).

According to the nationwide land price change rate released by the Ministry of Land on the same day, the land price increase rate in the fourth quarter of last year decreased in both the metropolitan area (1.23% → 1.17%) and provincial areas (0.82% → 0.78%) compared to the previous quarter.

In the metropolitan area, Seoul (1.28%), Gyeonggi (1.06%), and Incheon (1.06%) all showed levels higher than the national average (1.03%).

In the provinces, Sejong (1.43%), Daejeon (1.09%), and Daegu (1.08%) had change rates higher than the national average.

The land price change rate in December last year was 0.335%, with the increase rate 0.009 percentage points lower than the previous month. However, the cumulative annual increase rate for last year was 4.17%, which is 0.49 percentage points higher than the previous year (3.68%).

By land use area, the rates were in the order of commercial areas (1.16%), residential areas (1.10%), industrial areas (0.97%), green areas (0.89%), planned management areas (0.86%), and agricultural and forest areas (0.73%).

The volume of land transactions (including land attached to buildings) in the fourth quarter of last year was about 766,000 parcels (553.4 km²), a 2.7% decrease compared to the third quarter. Compared to the fourth quarter of 2020, it decreased by 19.5%.

The volume of pure land transactions, excluding land attached to buildings, was about 320,000 parcels (512.1 km²), a 17% increase compared to the third quarter. The volume of pure land transactions has been increasing mainly in provincial areas since October last year.

Compared to the third quarter, land transaction volumes increased relatively significantly in Sejong (24.9%), Daejeon (22.8%), and Gangwon (20.9%), while decreasing in Daegu (△17.7%), Seoul (△15.3%), and Ulsan (△12.5%).

Based on pure land transaction volumes, increases were seen in Gwangju (44.3%), Jeonbuk (33.3%), Gangwon (22%), Jeonnam (21.2%), and Ulsan (20.7%).

The Ministry of Land stated, "We plan to closely monitor trends in land prices and transaction volumes going forward and actively respond to any abnormal phenomena."

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