2024 Nationwide Land Prices Rise 2.15%... Polarization Between 수도권 and 지방

Increase of 1.33 Percentage Points Compared to 2023
Metropolitan Area Leads, Provincial Regions Show Moderate Growth
Commercial (2.46%) and Industrial (2.50%) Zones Drive the Rise

Last year, nationwide land prices rose by 2.15%. Compared to 2023, the rate of increase expanded, and the polarization between the metropolitan area and provincial regions became more pronounced.

The Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced the annual land price change rate and land transaction volume status for 2024 on the 23rd. According to the two organizations, the nationwide land price in 2024 increased by 2.15% compared to the previous year. This is an expansion of 1.33 percentage points from 2023 (0.82%). Compared to 2022 (2.73%), the increase rate decreased by 0.58 percentage points.

In particular, both the metropolitan area (2.77%) and provincial regions (1.10%) recorded an upward trend, with Seoul (3.10%) and Gyeonggi (2.55%) exceeding the national average. By region, 54 cities, counties, and districts including Yongin Cheoin-gu (5.87%), Seoul Gangnam-gu (5.23%), and Seongnam Sujeong-gu (4.92%) surpassed the national average. Areas with population decline showed a land price change rate of 0.92%, which was 1.34 percentage points lower than non-target areas (2.26%).

By land use zone, commercial areas (2.46%) and industrial areas (2.50%) recorded the highest growth rates, while by usage status, commercial use (2.42%) and industrial use (2.50%) showed notable increases.

The total land transaction volume in 2024 was approximately 1.876 million parcels, a 2.7% increase from the previous year. However, the pure land transaction volume excluding land attached to buildings was about 661,000 parcels, showing a 7.0% decrease from the previous year, continuing the downward trend. In nine cities and provinces including Seoul (12.3%) and Ulsan (18.4%), the total land transaction volume increased, but eight cities and provinces saw a decrease. For pure land transaction volume, Seoul (22.1%) and Daejeon (11.0%) experienced increases, while 13 cities and provinces saw decreases.

By use type, industrial areas (13.8%) and residential building use (17.7%) increased significantly. By land category, transactions of building sites (8.2%) were active. Meanwhile, in the second half of 2024, the rate of land price increase slowed down (0.176% in December), and land transactions showed differentiated patterns by region and use. The upward trend centered in the metropolitan area and the decline in some provincial regions clearly revealed the gap between regions.

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