Hanam-si, Last Year's Standard Land Price Rose 3.96%... Highest Increase Rate in the Province

Standard Land Price in Gyosan New Town Rises 7.5% Year-on-Year
Increase Also Driven by Misagangbyeon City, Gam-il New Town, and Wirye New Town

Hanam City, Gyeonggi Province (Mayor Lee Hyun-jae) announced on the 24th that the standard land price for 995 parcels within the city (as of January 1) increased by 3.96% compared to the previous year.

Panoramic view of Hanam City Hall. Provided by Hanam City.

The average increase rate in Gyeonggi Province was 2.78% (national average increase rate 2.92%), with Hanam City recording the highest increase rate in the province along with Cheoin-gu, Yongin City.

The standard land price serves as the basis for calculating individual land prices and is used as the standard for imposing various taxes and charges such as property tax. This standard land price was determined after being surveyed by appraisers designated by the Ministry of Land, Infrastructure and Transport, hearing opinions from landowners and city/county/district offices, and undergoing deliberation by the Central Real Estate Price Public Notice Committee.

Hanam City analyzed that the main reason for the highest increase rate in the province was the continuous rise in new town areas such as Gyosan New Town, where the standard land price increased by 7.5% compared to the previous year, as well as Misagangbyeon City, Gam-il New Town, and Wirye New Town.

The announced standard land prices can be viewed on the Ministry of Land, Infrastructure and Transport website and at the Hanam City Land Information Division until February 24, and objections can also be submitted during the same period.

Objections can be submitted to the Hanam City Land Information Division or the Real Estate Appraisal Division of the Ministry of Land, Infrastructure and Transport.

Standard land prices 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 Notice Committee. If changes are necessary, adjustments and public announcements will be made on March 14.