This Year’s Apartment Official Prices Down 18.63%... 'Largest Drop Ever'
Published 27 Apr.2023 06:00(KST)
Updated 27 Apr.2023 07:23(KST)
Number of Submitted Opinions Decreased by 12.6% Compared to Last Year
16.5% of Submitted Opinions Reflected
This year, the publicly announced prices of multi-family housing (apartments, row houses, and multi-unit houses) were adjusted downward by 0.02 percentage points compared to the publicly announced prices (draft) released in March. As a result, the 2023 multi-family housing price change rate fell by 18.63% compared to the previous year.
On the 27th, the Ministry of Land, Infrastructure and Transport announced that, in accordance with the Real Estate Public Price Act, following the review and resolution by the Central Real Estate Price Public Announcement Committee on the 25th, the 2023 multi-family housing publicly announced prices with these details will be announced on the 28th.
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Prior to this decision and announcement, from April 23 to May 11, the Ministry conducted a public inspection and collected opinions on the draft multi-family housing publicly announced prices from owners, stakeholders, and local governments.
The number of submitted opinions totaled 8,159, a 12.6% decrease from the previous year, marking the lowest level in the past five years.
The submitted opinions were reviewed internally by the Korea Real Estate Board and evaluated by external experts. As a result, 1,348 publicly announced prices were adjusted based on recognized validity such as characteristic differences and price comparisons inside and outside complexes, with a reflection rate of 16.5% (13.4% in 2022).
The 18.63% decline compared to the previous year is the largest drop since the introduction of the multi-family housing public price survey and calculation system in 2005.
Previous declines in publicly announced prices were only twice: a 4.6% drop in 2009 and a 4.1% drop in 2013, making this year’s decline more than 14 percentage points lower than the previous maximum drop in 2009.
By region, the price changes compared to the draft publicly announced prices were more significant in Seoul (-0.02 percentage points), Busan (-0.04 percentage points), Daejeon (-0.03 percentage points), and Sejong (-0.03 percentage points).
The multi-family housing publicly announced prices can be checked from the 28th on the Real Estate Public Price Information website or at the civil service offices of the city, county, or district where the housing is located.
If there are objections to the publicly announced prices, an objection form can be submitted by May 30 either online via the Real Estate Public Price Information website, by mail, fax, or in person at the Ministry of Land, Infrastructure and Transport, city/county/district offices (civil service offices), or the Korea Real Estate Board (regional branch).
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