Incheon Individual Official Land Prices Rise 8.44%... Gyeyang-gu Records Highest Increase Due to '3rd New Town Impact'

Individual House Prices Rise 5.39% Compared to Previous Year

Incheon Official Land Price Increase Rate [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] The individual publicly announced land prices in the Incheon area rose by 8.44% compared to last year.

Incheon City announced on the 29th that it has determined and publicly announced the individual land prices for 632,926 parcels surveyed as of January 1st this year.

The total land value in Incheon reached 353.3866 trillion KRW, an increase of 8.44% from the previous year.

By region, Gyeyang-gu showed the highest increase rate among the 10 districts and counties, rising 12.75% compared to the previous year. This is analyzed to be influenced by the land use change in the 3rd phase new town Gyeyang Technovalley and the development of Seoun Industrial Complex.

Following that, Bupyeong-gu saw land prices rise mainly in Cheongcheon-dong industrial area due to new residential-commercial buildings, areas near stations, and redevelopment and reconstruction project commencement zones. Namdong-gu experienced an overall increase in land prices as small-scale new constructions became active in the old downtown area.

The most expensive individual publicly announced land price in Incheon remains the Kumkang Shoe Building at 199-45 Bupyeong-dong, Munhwa Street, Bupyeong-gu, at 49.17 million KRW per 3.3㎡. The cheapest is forest land in the management area at San 303, Daecheong-ri, Daecheong-myeon, Ongjin-gun, at 993 KRW per 3.3㎡.

Among apartments, Well County Songdo Phase 3 in Songdo-dong, Yeonsu-gu recorded the highest price at 12.17 million KRW per 3.3㎡.

Meanwhile, the prices of 91,630 individual houses in Incheon increased by 5.39% compared to last year.

Yeonsu-gu showed the highest increase among the 10 districts and counties with an 8.5% rise compared to the previous year, followed by Bupyeong-gu at 7.27%, and Seo-gu at 5.44%.

Individual house prices are used as the tax base for various national and local taxes such as property tax and comprehensive real estate tax, and apply to detached houses, multi-family houses, and others.

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