Gyeongnam Individual Official Land Prices Down 7.06%, Health Insurance Premium Burden Expected to Ease

Gyeongsangnam-do announced on the 27th that it will disclose the individual publicly announced land prices as of January 1, 2023, for 4,423,000 parcels within the province on April 28.

Gyeongnam Province explained that this year’s publicly announced land prices in Gyeongnam fell by 7.06% compared to the previous year.

It added that this decline rate was slightly higher than the national average of -5.73% and, along with Jeju Special Self-Governing Province’s -7.06%, recorded the highest decline rate.

Gyeongnam Provincial Government Office.
Photo by Lee Seryeong

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According to the province, last year the Ministry of Land, Infrastructure and Transport announced the ‘2023 Public Price Realization Revision Plan’ after holding public hearings and going through the Central Real Estate Price Public Announcement Committee.

The province analyzed that the Ministry of Land applied the 2020 level of realization rate (market price reflection rate) when calculating the standard land price this year, which resulted in a large drop in individual publicly announced land prices.

The public price realization rates were 65.5% in 2020, 68.4% in 2021, 71.4% in 2022, and this year it returned to 65.5%.

By city and county, the highest decline rates were in Geoje -8.05%, Changwon -7.67%, Tongyeong -7.66%, Goseong -7.35%, Miryang -7.24%, and Haman -7.22%, while the area with the lowest decline rate was Namhae at -5.74%.

The individual publicly announced land prices disclosed this time can be checked on the Real Estate Public Price Information website or at the city, county, or district office where the land is located.

If there are any objections to the determined and disclosed individual publicly announced land prices, they can be submitted from the 28th until May 29.

During the inspection period, objection forms can be filled out and submitted directly to the city, county, or district office where the land is located, or applied via fax or mail.

It is also possible to file an objection for individual publicly announced land prices under the price complaints section by finding the civil service guidance and application items on the Ilsa Pyeonri Real Estate Integrated Civil Service website.

The province plans to review the objections through the city and county Real Estate Price Public Announcement Committee, and if deemed valid, will adjust and re-announce the prices.

Heo Dongsik, Director of the Urban Housing Bureau, said, “Due to the Ministry of Land’s revision of the public price realization rate, nationwide publicly announced land prices have dropped significantly,” adding, “This adjustment of publicly announced land prices is expected to ease the burden on residents regarding property tax, health insurance premiums, and comprehensive real estate tax, and to further expand benefits for residents through re-selection of recipients for basic living security, national scholarships, and earned income tax credits.”

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