87.5% of Individual Houses in Gyeonggi-do See Official Price Drop... Tax Burden Likely to Decrease

Gyeonggi Provincial Government Gwanggyo New Office Building

The individual housing official prices in Gyeonggi-do have fallen by an average of 4.93% compared to last year due to the real estate market downturn and other factors.

Gyeonggi-do announced on the 28th that the prices for approximately 493,000 individual houses in 31 cities and counties within the province were determined and officially announced as of January 1 this year.

About 432,000 houses, accounting for 87.5% of individual houses, saw a decrease in official prices. Meanwhile, around 61,000 houses maintained the same level as last year or experienced a slight increase.

This is due to the real estate market downturn caused by interest rate hikes and the government's "Real Estate Official Price Realization Adjustment Plan," which lowered the realization rate to the 2020 level (53.5%) this year.

Meanwhile, the decline in official prices this year increases the benefits that residents can receive.

The individual housing price is calculated based on the standard housing price announced by the Minister of Land, Infrastructure and Transport, comparing the characteristics of individual houses surveyed by each city and county with those of the comparison standard houses. It is used for about 60 administrative purposes, including housing-related taxes and eligibility criteria for various welfare policies. When the official price of a house owned decreases, the property value lowers, thereby reducing the burden of property tax and comprehensive real estate tax. Also, it becomes easier to meet the eligibility criteria for welfare benefits such as the Basic Livelihood Security System, earned income tax credit, and child tax credit, increasing the number of beneficiaries.

The highest individual housing official price is a detached house located in Bundang-gu, Seongnam-si, at 16.5 billion KRW. The lowest price is a detached house located in Yangpyeong-gun, at 710,000 KRW.

Viewing of individual housing official prices is available from the 28th of this month on the websites of cities, counties, and districts or on the Real Estate Official Price Notification site. It is also possible to visit the civil service office of the city or county (district, town, township, or neighborhood) where the house is located to view the prices directly.

Owners and interested parties who have objections to the individual housing prices can file an objection by visiting the civil service office of the city, county, or district (township or neighborhood) where the house is located, or via fax or mail, until the 30th of next month.

If a price adjustment is deemed necessary, it will be officially announced on June 27.

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