Did Busan Land Prices Rise This Year?… ‘Pyojunji’ Official Land Price Increase, Lower Than National Average

Average Increase Rate 1.84%, National Rate at 2.92%
Gangseo Up 3.06%, Jung and Dong Districts Remain Below 1%

How much did land prices in Busan increase compared to last year?

The Busan Metropolitan City Government (Mayor Park Hyung-jun) announced on the 26th that the official land price of standard land in Busan as of January 1 this year rose by an average of 1.84% compared to last year. This rate was found to be lower than the national average increase.

The official land price of standard land refers to the appropriate price per unit area (KRW/㎡) of standard land, investigated and evaluated by the Minister of Land, Infrastructure and Transport in accordance with the procedures stipulated in the Real Estate Price Public Announcement Act.

To prevent increases in real estate holding tax burdens and reductions in welfare benefits, the government applied the market reflection rate for this year at the 2020 level according to the “2025 Real Estate Price Public Announcement Realization Plan Revision.”

This year, there are 20,425 standard land parcels across 16 districts and counties in Busan, which is 745 parcels more than in 2024. The investigation results of the official land prices for these standard lands showed an average price change rate of 1.84%, a slight increase compared to the previous year.

The national average increase rate was 2.92%, with ▲Seoul at 3.91%, ▲Incheon at 1.83%, ▲Daegu at 1.46%, ▲Ulsan at 1.07%, and ▲Gyeongnam at 1.35%.

By region, Gangseo-gu saw a 3.06% increase, Suyeong-gu 2.58%, Haeundae-gu 2.28%, and Dongnae-gu 1.94%, all higher than the Busan city average of 1.84%. The remaining 12 districts and counties recorded increases below the city average. Jung-gu and Dong-gu showed increases near zero at 0.66% and 0.88%, respectively.

The highest and lowest land prices of Busan’s standard land remained the same as last year. The highest price was in Seomyeon, Bujeon-dong, Busanjin-gu, at KRW 43.72 million per square meter (KRW 43.35 million last year), while the lowest was in the development-restricted area of San 40, Oryun-dong, Geumjeong-gu, at KRW 1,040 per square meter (KRW 989 last year).

Official land price inquiries can be made online via the “Real Estate Price Public Announcement Informer” or offline at the district or county office where the standard land is located.

Objections can be submitted online through the Real Estate Price Public Announcement Informer until February 24, or by fax or mail to the Real Estate Evaluation Division of the Ministry of Land, Infrastructure and Transport.

Submitted objections will undergo in-depth review by an external inspection team composed of experts such as appraisers and professors to ensure fairness and accuracy, followed by deliberation by the Central Real Estate Price Public Announcement Committee to decide whether price adjustments are necessary. The adjusted official land prices of standard land will be publicly announced through the government gazette on March 14.

Busan City Hall.

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