Dongdaemun-gu 2020 Standard Land Price Public Notice Increases by 7.53%

1245 Parcels of Standard Land Price in Dongdaemun-gu Up 7.53% from Last Year... Ranked 11th Among Seoul Districts... Hwikyung-dong Up 11.01%, Jangan-dong Up 8.69%, Exceeding District Average... Objections Accepted Until March 13

[Asia Economy Reporter Park Jong-il] The official land price of 1,245 standard land parcels in Dongdaemun-gu (Mayor Yoo Deok-yeol) rose by 7.53% compared to last year. This is an increase of 0.32 percentage points from last year's rise of 7.21%.

According to the nationwide official land prices for 500,000 standard land parcels announced by the Ministry of Land, Infrastructure and Transport on the 13th, the national average increase rate was 6.33%, and the average increase rate in Seoul was 7.89%.

Dongdaemun-gu ranked 11th in terms of increase rate among the 25 autonomous districts of Seoul, showing a slight rise in ranking compared to last year.

Hwikyung-dong (11.01%) and Imun-dong (7.92%), where price increases were reflected due to redevelopment projects in Hwikyung 1~3 districts and Imun 1 and 3 districts being underway or completed, as well as price increases due to adjustments in apartment standard land prices, recorded higher increase rates than the district average increase rate (7.53%).

Jangan-dong (8.69%), where land price increases were reflected due to increased demand such as the construction of urban-type residential housing (multi-family housing), also exceeded the district average increase rate.

On the other hand, areas with fewer price increase factors such as Sinseol-dong (4.50%), Jegi-dong (4.82%), and Yongdu-dong (5.58%) showed rates below the district average increase rate.

The highest official land price in Dongdaemun-gu is located at 620-26 Jeonnong-dong (Wangsan-ro 40-gil 6-1), near the Cheongnyangni private station, with an official price of 22.6 million KRW.

This is a 4.15% increase compared to last year.

Viewing and filing objections to the official land prices can be done until March 13th via the Ministry of Land, Infrastructure and Transport’s Real Estate Price Information website (www.realtyprice.kr) or at the district office and community service centers. Official land prices for which objections are received will be re-investigated and evaluated, then reviewed by the Central Real Estate Price Public Announcement Committee, and adjusted prices will be announced on April 10th.

For more details, inquiries can be made to the Real Estate Information Division of Dongdaemun-gu Office at (2127-4211~3).