Yongsan-gu, Standard Land Price Up 7.86% Year-on-Year, 1.53% Higher Than National Average... Hannam 3 Redevelopment Promotion District Sees Notable 16.75% Increase
[Asia Economy Reporter Jong-il Park] The standard land price in Yongsan-gu (District Mayor Seong Jang-hyun) rose by 7.86% compared to the previous year.
This figure is 1.53% higher than the national average (6.33%) but 0.03% lower than the Seoul city average increase rate (7.89%).
In particular, the Hannam 3 Redevelopment Promotion District, where development projects are actively underway, saw a 16.75% increase. By neighborhood, Bogwang (14.18%), Seobinggo (10.31%), and Hannam-dong (10.20%) recorded the highest growth rates. All of these areas include the Hannam Redevelopment Promotion District.
The area around the International Building, Zone 4, which is scheduled for completion in August, showed a 10.50% increase. Wonhyo-ro 2-ga, where the Sanho Apartment reconstruction project is in progress, recorded a 10.15% increase.
On the other hand, commercial areas from Itaewon to Hangangjin Station (7.62%), high-end residential areas in Itaewon and Hannam-dong (4.66%), and commercial areas near Sookdaeipgu Station (5.43%) were below the district's average increase rate.
The place with the highest standard land price in the area is 424 Hangang-ro 2-ga, where the Amorepacific headquarters is located. It recorded 34.9 million KRW per square meter, a 10.09% increase from last year (31.7 million KRW).
Among residential buildings, Tower Mansion Apartment (Ichon-dong 302-28) recorded the highest standard land price at 12 million KRW per square meter, and for mixed-use complexes, Yongsan City Park 1st Complex Apartment (Hangang-ro 3-ga 63-389) recorded 16.6 million KRW per square meter.
The Ministry of Land, Infrastructure and Transport announced the 2020 standard land prices on the 13th. Standard land prices serve as the basis for calculating individual land prices and for levying national and local taxes related to land. They are also used as criteria for imposing development charges and other fees.
From September last year, the Ministry, together with appraisers from the Korea Appraisal Board, conducted field surveys over six months and assessed the land prices of 1,139 standard land parcels. Detailed information by lot number can be checked on the Real Estate Public Price Information website (www.realtyprice.kr).
Those who have objections to the assessment results (landowners, interested parties) can submit an objection form online (via the Ministry of Land website or the Real Estate Public Price Information site) by March 13. The Ministry will conduct re-surveys and evaluations, and after review by the Central Real Estate Price Publicity Committee, will re-announce the adjusted land prices around April 10.
Seong Jang-hyun, Mayor of Yongsan-gu, said, "The district's standard land price increase rate ranked 10th among Seoul's autonomous districts," and added, "Based on the standard land prices assessed by the Ministry of Land, the district will continue the process of calculating individual land prices."
Real Estate Information Division (☎2199-6973)
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