Gyeonggi-do's Standard Land Price Public Notice Rises 1.35% This Year

Gyeonggi Provincial Government

The standard land prices for 71,227 parcels in Gyeonggi-do, which serve as the basis for this year's individual publicly announced land prices survey and calculation, have been determined to have risen by 1.35% compared to the previous year (1.09% nationwide).

According to Gyeonggi-do on the 25th, the Ministry of Land, Infrastructure and Transport recently froze the realization rate applied this year at 65.4%, the same as last year, due to low volatility in the real estate market.

Since August last year, the Ministry of Land, Infrastructure and Transport has determined the standard land prices in Gyeonggi-do through a process involving surveys by appraisers from the Korea Real Estate Board and appraisal firms, consultations with landowners and city/county/district offices, and deliberations by the Central Real Estate Price Public Announcement Committee over approximately five months.

The standard land price is evaluated and announced annually as of January 1st to provide an appropriate price for land, serving as the basis for calculating individual publicly announced land prices, land appraisals, and providing land price information in the land market.

Analyzing the year-on-year change rates of standard land prices by city and county, areas such as Cheoin-gu in Yongin-si (4.84%), Sujeong-gu in Seongnam-si (2.71%), Gwangmyeong-si (2.2%), Siheung-si (2.09%), and Paldal-gu in Suwon-si (2.04%) exceeded the provincial average.

The main factors for the increase were confirmed to be development project benefits such as the establishment of the semiconductor cluster national industrial complex (Yongin Cheoin), the creation of the 2nd Pangyo Techno Valley (Seongnam Sujeong), the development of the 3rd new town (Gwangmyeong and Siheung), and the Paldal 10 district redevelopment project (Suwon Paldal).

On the other hand, Dongducheon-si (-0.40%) and Yangpyeong-gun (-0.23%) recorded declines. The main reasons for the decrease were analyzed to be the impact of the real estate market slump, such as a sharp drop in real estate transaction volume to about 60% compared to the previous year.

The standard land prices can be viewed at the Ministry of Land, Infrastructure and Transport and the civil service offices of the cities, counties, and districts where the standard land is located from the 25th of this month until the 23rd of next month. During the same period, objections can be filed at the respective city, county, or district civil service offices or at the Ministry of Land, Infrastructure and Transport (Real Estate Appraisal Division).

Standard lands for which objections are submitted will undergo in-depth review by an external inspection team composed of experts such as appraisers and professors, and deliberation by the Central Real Estate Price Public Announcement Committee. If changes are necessary, adjustments will be made and announced on March 14.

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