Seoul Official Land Price Drops 5.56%... Myeongdong Nature Republic Site Holds Top Land Value for 20 Years

Seoul City Individual Land Price Official Announcement

Seoul City announced on the 28th that it will determine and publicly announce the official land prices for 866,912 individual land parcels in 2023.

This year’s individual official land prices showed a decrease of 5.56% compared to the previous year. Last year, the individual official land prices recorded an increase of 11.54% compared to the year before.

Following a general decline in real estate prices over the past year due to interest rate hikes and real estate market stabilization policies, the government’s revised plan to adjust the official price realization rate by lowering it also contributed to the decrease.

Among the 866,912 individual land parcels, 851,616 parcels (98.2%) experienced a price decrease, while only 12,095 parcels (1.4%) saw an increase. Parcels with the same official land price as last year numbered 1,475 (0.2%), and newly surveyed parcels totaled 1,726 (0.2%).

All autonomous districts saw a decline in official land prices this year, with Jung-gu and Guro-gu (-6.42%), Nowon-gu (-6.41%), and Jungnang-gu (-6.36%) showing the highest rates of decrease in that order.

Nature Republic storefront in Myeongdong, Jung-gu, Seoul [Image source=Yonhap News]

The highest official land price in Seoul is located at 24-2, Chungmuro 1-ga, Jung-gu (commercial use), which has held the top price since 2004. This is where the Nature Republic Myeongdong World store is located. The price reaches 1.741 billion KRW per square meter (compared to 1.89 billion KRW per square meter in 2022). The lowest price is at San 30, Dobong-dong, Dobong-gu (natural forest), at 6,710 KRW per square meter (compared to 7,200 KRW per square meter in 2022).

Individual official land prices can be checked by entering the land location on the Seoul Real Estate Information Plaza or the Ilsa Pyeonri Seoul Real Estate Information Inquiry System.

If there are any objections to the individual official land prices, one can submit an objection form in writing, by mail, or by fax through the Ilsa Pyeonri Real Estate Integrated Civil Service or at the autonomous district and neighborhood community service centers. The objection submission period is from the 28th until May 30th.

Seoul City plans to operate an appraisal consultation service during the 2023 individual official land price objection period (April 28 to May 30). If you wish to have a phone consultation with an appraiser, you can request it through the Seoul 120 Dasan Call Center.

Jo Nam-jun, Director of the Seoul City Urban Planning Bureau, stated, “The individual official land prices determined and announced this year will be used as reference data for various taxes and charges,” and added, “If there are any objections, please submit them within the period to avoid any disadvantages.”

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