Seoul City Announces Individual Official Land Prices... Up 11.54% Compared to Last Year
Seongdong-gu Ranks First in Growth Rate by Autonomous District... 14.6% Increase
[Asia Economy Reporter Kim Min-young] The Seoul Metropolitan Government announced that it will determine and publicly announce the individual official land prices for 873,412 parcels surveyed as of January this year on the 29th. The rate of increase in Seoul's individual official land prices this year was 11.54%, showing the same rate of increase (11.54%) as the previous year.
Among the 25 autonomous districts, Seongdong-gu recorded the highest increase in official land prices at 14.57%. This was followed by Yeongdeungpo-gu (13.62%), Gangnam-gu (13.62%), Seocho-gu (13.39%), and Songpa-gu (12.75%).
According to Seoul City, land parcels with increased prices amounted to 863,385 parcels, accounting for 98.9% of the total. Parcels with decreased prices were 3,414 parcels (0.4%), parcels with unchanged prices were 3,586 parcels (0.4%), and newly surveyed parcels were 3,027 parcels (0.3%).
The highest official land price in Seoul is the site of the Nature Republic building located in Chungmuro 1-ga, Jung-gu, which has maintained the highest land price since 2004. The land price here is 189 million KRW per 1㎡. On the other hand, the lowest land price is in San 30, Dobong-dong, Dobong-gu (natural forest), at 7,200 KRW per ㎡.
If there are any objections to the individual official land prices, from the 29th of this month until May 30th, objections can be submitted through the Ilsa Pyeonri integrated real estate civil complaint system or in writing, by mail, or fax to the autonomous district or local community service centers. For the parcels with objections, after re-investigating land characteristics, verification by appraisers, and deliberation by the autonomous district real estate price public announcement committee, the results will be adjusted and publicly announced on June 24th.
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The city plans to operate an appraiser consultation system during this year's individual official land price objection period. During the objection period, the city will open and operate appraiser consultation desks tailored to the circumstances of each autonomous district, allowing citizens with questions about individual official land prices to receive direct consultations from professional appraisers. For telephone consultations with appraisers, requests can be made through the Seoul 120 Dasan Call Center.
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