National Land Prices Up 0.59% in Q3... Highest Increase in 'Seoul Gangnam'

Nationwide Land Prices Rise for 19 Consecutive Months
Transaction Volume Decreases Compared to Previous Quarter

In the third quarter of this year, nationwide land prices rose by 0.59%. Among them, Gangnam-gu in Seoul showed the highest increase rate at 1.45%.

According to the '2024 3rd Quarter Nationwide Land Price Change Rate and Land Transaction Volume' announced by the Ministry of Land, Infrastructure and Transport on the 24th, land prices nationwide rose by 0.59% in the third quarter of this year, an increase of 0.04 percentage points compared to the previous quarter (0.55%). Compared to the same period last year, it is 0.29 percentage points higher. Nationwide land prices have risen for 19 consecutive months since turning upward in March last year. However, the increase rate last month was 0.19%, slightly lower than the previous month (0.20%).

By region, both the metropolitan area (0.70% → 0.75%) and provinces (0.30% → 0.31%) showed higher levels than the same period last year. The area with the highest increase was Seoul (0.87%), followed by Gyeonggi (0.66%), Incheon (0.53%), and Busan (0.49%). Jeju, which has been in decline since the fourth quarter of last year, fell by 0.17%.

Among cities, counties, and districts nationwide, Gangnam-gu in Seoul had the highest land price increase rate at 1.45%. It was followed by Sujeong-gu in Seongnam-si, Gyeonggi (1.40%) and Cheoin-gu in Yongin-si (1.32%). Land prices in 89 population-decreasing areas rose by 0.24%, which was lower than the increase rate in non-population-decreasing areas (0.62%). Population-decreasing areas are designated every five years by the Minister of the Ministry of the Interior and Safety.

Land transaction volume in the third quarter of this year was about 483,992 parcels (274.9㎢), a 0.1% decrease from the previous quarter (484,656 parcels). Compared to the same period last year, it increased by 5.7%. Pure land, excluding land bundled with buildings, was traded at 150,016 parcels (247.0㎢), a 15.0% decrease from the previous quarter and a 6.9% decrease compared to the same period last year.

By region, land transactions decreased compared to the previous quarter in 12 cities and provinces including Ulsan (-23.3%) and Gwangju (-14.9%), while they increased in 5 cities and provinces including Daejeon (40.8%) and Seoul (18.8%). Pure land transaction volume increased only in Gwangju (2.6%) and decreased in Daegu (-47.1%), Ulsan (-21.6%), and others.

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