Incheon's Officially Assessed Individual Land Prices Rise 1.4%... Total Land Value at 381 Trillion Won

This year, the average officially assessed individual land price in the Incheon area rose by 1.4% compared to last year. On March 18, Incheon City released the draft of officially assessed individual land prices for a total of 632,757 parcels.

By region, the rates of increase in individual land prices were as follows: Seo-gu 1.98%, Bupyeong-gu 1.66%, Dong-gu 1.57%, Michuhol-gu 1.36%, Ongjin-gun 1.31%, Jung-gu 1.2%, Yeonsu-gu 1.19%, Ganghwa-gun 1.09%, Gyeyang-gu 1.03%, and Namdong-gu 1%.

The most expensive officially assessed individual land price in Incheon is for the Geumgang Shoe Building at 199-45 Bupyeong-dong, Bupyeong-gu, at 14.91 million won per square meter. The lowest is a forest land in Daecheong-ri, Daecheong-myeon, Ongjin-gun, at 278 won per square meter.

The total land value of Incheon was calculated at 381 trillion won. By region, Seo-gu had the highest at 85 trillion won, while Ongjin-gun was the lowest at 4 trillion won.

Incheon City Hall exterior. Provided by Incheon City

Officially assessed individual land prices are used for calculating health insurance premiums, assessing property taxes, and determining fines for illegal buildings, among other purposes. If there are objections to the announced land prices, objection forms can be submitted to the relevant district or county office by April 6. After re-verification, the final prices will be determined and announced on April 30.

Officially assessed individual land prices can be viewed on the Ministry of Land, Infrastructure and Transport’s Real Estate Price Public Notice website or at the civil affairs offices of the district or county where the land is located.

An Incheon City official stated, "This year, the increase in officially assessed individual land prices was influenced by the adjustment of land prices in each district and county to reflect market values, the progress of development projects, and the improvement of transportation conditions."

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