The Cheapest House at '690,000 Won'... Ulsan City's Individual House Official Prices Fall 4.2% Compared to Last Year

April 28 Announcement, Objections Accepted Until May 30

Ministry of Land Operates Joint Housing Price Announcement and Objection Submission

The individual housing prices in the Ulsan area have fallen by 4.2% compared to last year.

Ulsan City announced on the 26th that it will determine and publicly announce the individual housing prices as of January 1, 2023, on April 28, and will accept objections until May 30.

The individual housing prices to be announced this time cover 64,841 detached, multi-family, and multiplex houses, with integrated evaluations of the buildings and land. The prices were decided through characteristic surveys and price calculations, verification by the Korea Real Estate Board, submission of opinions, and deliberation by the district/county real estate price disclosure committees.

The individual housing prices in the Ulsan area fell by an average of 4.20% compared to last year, marking the first decline in 14 years since 2009.

By district/county, △ Dong-gu showed the largest decline at -5.21%, followed by △ Nam-gu -4.60%, △ Buk-gu -4.25%, △ Ulju-gun -3.93%, and △ Jung-gu -3.52%.

The decline in individual housing prices is analyzed to be caused by the real estate market slump due to interest rate hikes and the government's downward adjustment of the official price realization rate.

The highest individual housing price in Ulsan was a company-owned house in Sinjeong-dong, Nam-gu, announced at 6.2 billion KRW, while the lowest was a detached house in Samdong-myeon, Ulju-gun, announced at 690,000 KRW.

Individual housing prices can be viewed by visiting the tax office of the district/county where the house is located or the civil service office of the eup/myeon/dong, or by accessing the real estate information inquiry website. Homeowners who have objections to the prices can file them in writing or online by May 30.

For cases where objections are received, a re-investigation of housing characteristics and balance with nearby housing prices will be conducted, followed by re-verification by the Korea Real Estate Board and deliberation by the district/county real estate price disclosure committee. The results will be notified to the objectors within 30 days, and any price changes will be adjusted and announced as of June 27. On the same day, the prices of apartment complexes as of January 1 will also be determined and announced.

The official prices of apartment, row house, and multi-family housing announced by the Ministry of Land, Infrastructure and Transport can be viewed and objected to on the Real Estate Official Price Notification website or at the civil service office of the district/county where the house is located.

Individual housing prices are used as the basis for various taxes on housing (property tax, comprehensive real estate tax, etc.), imposition of charges, calculation of health insurance premiums, and eligibility criteria for various welfare policies.

Ulsan City Hall.

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