Seoul's Individually Assessed Land Value Up 4.9% This Year... Yongsan-gu Highest at 9.2%

Site of Nature Republic in Myeongdong, Seoul. Photo by Yonhap News Agency

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This year, Seoul's officially assessed land value rose by 4.9% compared to the previous year. This exceeds last year's increase of 4.02%, marking the third consecutive year of growth.

On April 30, the Seoul Metropolitan Government announced that as of January 1 of this year, it has determined and published the individually assessed land values. The assessment covered 857,493 individual land parcels, and the process included deliberations by each district's Real Estate Price Disclosure Committee to ensure fairness and balance in pricing.

The individually assessed land value refers to the appropriate price per square meter (㎡) of each parcel, calculated based on the officially assessed standard land value. The Ministry of Land, Infrastructure and Transport established the "2026 Standard Land Value" in January. Using this as a basis, the characteristics of each land parcel were investigated and verified by certified appraisers before the individual values were finalized. The city explained, "The upward adjustment of the standard land value this year contributed to a corresponding increase in the individually assessed land values."

All districts in Seoul saw an increase in their officially assessed land values this year. Seven districts recorded an increase above the citywide average of 4.9%. The order of increase is as follows: Yongsan-gu (9.20%), Seongdong-gu (6.52%), Gangnam-gu (6.30%), Seocho-gu (5.82%), Mapo-gu (5.35%), Gwangjin-gu (5.28%), and Yeongdeungpo-gu (5.01%).

Among the 857,493 parcels, 845,872 parcels (98.6%) saw an increase in value, while 2,350 parcels (0.3%) experienced a decrease. The assessed value remained unchanged for 8,144 parcels (1.0%), and there were 1,127 new parcels (0.1%) added to the list.

The site with the highest officially assessed land value in Seoul is 24-2, Chungmu-ro 1-ga, Jung-gu, formerly home to Nature Republic in Myeongdong. It has maintained the top spot for 23 consecutive years. The value is 1,884 million won per square meter, an increase of 7.9 million won from the previous year. The Nature Republic store in Myeongdong is currently closed and undergoing remodeling. The lowest value was recorded at San 30, Dobong-dong, Dobong-gu (natural forest), at 6,940 won per square meter.

If there are any objections to the individually assessed land values, applications for review can be submitted until the 29th of this month. Submissions may be made by mail, fax, or in person at the relevant district office or local community center. For land parcels under objection, a re-investigation of the land characteristics will be conducted. Following verification by a certified appraiser and deliberation by the district's Real Estate Price Disclosure Committee, the adjusted values will be finalized and published on the 26th of next month.

Ahn Daehee, Director of Urban Space at the Seoul Metropolitan Government, stated, "The individually assessed land value serves as the basis for various taxes and welfare programs, profoundly impacting citizens' lives. We will continue our efforts to ensure a reliable assessment process that the public can trust."

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