Bucheon City's Standard Detached House Prices Rise 7.08% This Year... Lower Than National Average

Bucheon City Hall

[Asia Economy Reporter Park Hyesook] Bucheon City, Gyeonggi Province announced on the 25th that the official price increase rate of standard detached houses (1,185 units) as of January 1 this year was 7.08%, slightly higher than last year's 6.15%.

The nationwide average official price increase rate for standard detached houses is 7.36%, while the nearby regions showed rates of Seoul 10.56%, Gyeonggi 6.72%, and Incheon 5.77%. Bucheon’s rate is lower than Seoul and the national average but somewhat higher than Gyeonggi and Incheon.

By price level, among the 1,185 standard detached houses subject to official pricing in Bucheon, 688 units (58.06%) are priced at 300 million KRW or less, 387 units (32.66%) at 600 million KRW or less, 88 units (7.43%) at 900 million KRW or less, and 22 units (1.85%) exceed 900 million KRW.

The official price of standard detached houses serves as the basis for calculating individual detached house prices nationwide, totaling approximately 4.14 million units, and is used as fundamental data for various taxes and charges such as property tax.

Interested parties can view and file objections until the 23rd of next month via the Real Estate Official Price Notification website or the Property Tax Division of Bucheon City Hall.

Bucheon City plans to calculate the prices of all individual houses in the area based on the announced standard house prices, undergo review by the City Real Estate Price Notification Committee, and make the final announcement on April 29.

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