This Year’s SOC Land Compensation Cost 1.9 Trillion Won... 50% Increase from Previous Year

This year, land compensation payments released through social overhead capital (SOC) projects such as railroads and roads are expected to reach 1.9 trillion won, nearly 50% higher than last year.

On the 21st, the real estate development information platform ‘Jijon’ analyzed the detailed budget of this year from the Ministry of Land, Infrastructure and Transport, Korea Expressway Corporation, Korea Rail Network Authority, and various regional land management offices. According to the analysis, the total compensation cost to be released through SOC projects, which are social infrastructure, was found to amount to 1.9007 trillion won. This is a 49.1% increase compared to 1.275 trillion won last year.

By type, expressways cover 22 routes with 1.3661 trillion won, national roads and national road alternative bypasses cover 74 routes with 275.2 billion won, and railroads cover 27 routes with 259.4 billion won. Expressway construction projects include land compensation for 18 fiscal projects, including the Pocheon?Sejong (Seoul?Sejong) route allocated 434.9 billion won, and 4 private investment projects such as the Icheon?Osan route. This is more than a 45% increase compared to last year (939.3 billion won).

Railroad compensation costs increased by more than 84% compared to last year (140.56 billion won). Compensation is being made for a total of 27 routes, including 4 high-speed rail lines such as the Honam High-Speed Railway Phase 2, 1 metropolitan railway, and 22 general railways. Regarding national roads and national road alternative bypasses, land compensation payments totaling 21.564 billion won, including compensation for the construction of National Road No. 77 (Amhae?Hwawon), will be released, which is 41% more than last year (195.2 billion won).

The increase in SOC compensation payments this year compared to previous years is largely attributed to the full-scale compensation for civil engineering projects promoted under the current government, as well as the increase in compensation amounts ahead of the two major elections this year: the presidential election and local elections.

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