Nationwide Land Prices Rise 0.58% in Q1... Seoul Up 1.10%

On April 23, the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced that nationwide land prices rose by 0.58% in the first quarter of this year. The increase was slightly lower than the 0.61% recorded in the fourth quarter of last year.

By region, Seoul saw the largest increase, with land prices rising by 1.10%. However, the growth rate was lower than the 1.17% recorded in the fourth quarter of last year. Within Seoul, Gangnam-gu (1.50%), Yongsan-gu (1.31%), and Seocho-gu (1.26%) experienced particularly significant increases. Gyeonggi-do recorded a 0.55% rise, marking the second highest increase among metropolitan governments. The first-quarter growth rate in Gyeonggi-do was similar to that of the fourth quarter of last year.

Apartment complex in Daechi-dong, Gangnam-gu, Seoul. Photo by Yonhap News Agency

While the Seoul metropolitan area rose by 0.81% over the same period, regional areas increased by only 0.19%, showing a significant disparity between regions. Among non-metropolitan regional governments, Sejong recorded the highest increase with a 0.45% rise in the first quarter. Daejeon (0.42%) and Busan (0.31%) also saw relatively large increases, while Jeju experienced a 0.22% decline. National land prices have risen for 37 consecutive months since turning positive in March 2023.

The total number of land transactions in the first quarter stood at 462,364 parcels. This marks a 3.6% decrease compared to the fourth quarter of last year. However, it represents a 6.7% increase compared to the first quarter of last year. Excluding land attached to buildings, the number of pure land transactions was 150,964 parcels, a 0.1% decrease from the fourth quarter of last year. By region, the number of transactions in Seoul decreased by 1.4% compared to the fourth quarter of last year, while Sejong increased by 41.7% and Jeonbuk rose by 9.7%.

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