[2020 Individual Land Prices] 'Myeongdong Nature Republic' Holds Highest Land Price Nationwide for 17 Years

Nature Republic store located in Myeongdong, Jung-gu, Seoul

[Asia Economy Reporter Donghyun Choi] The site of the cosmetics brand 'Nature Republic' located in Myeongdong, Jung-gu, Seoul, has maintained its title as the most expensive land nationwide for the 17th consecutive year.

Seoul City announced on the 28th that it will determine and publicly announce the individual official land prices for 880,827 parcels, surveyed as of January 1 this year, on the 29th. This year's individual official land prices rose by 8.25% compared to last year. This is a smaller increase than last year's rise of 12.35%. A Seoul city official analyzed that "the overall stabilization of the real estate market has led to a more moderate increase in land prices."

The most expensive land nationwide was the Nature Republic store site in Chungmuro 1-ga, Jung-gu (Myeongdong 8-gil), which has held the throne since 2004. The official land price here rose 8.74% from 183 million KRW per 1㎡ last year to 199 million KRW per 1㎡. Considering the steady upward trend in Seoul land prices, it is expected to surpass 200 million KRW next year without difficulty.

Looking at the highest land prices by land use zone, in residential areas, the site of Acro River Park located in Banpo-dong 2-12, Seocho-gu, was the highest. This site is priced at 25 million KRW per 1㎡. Acro River Park opened the era of 100 million KRW per pyeong (3.3㎡) when a 59㎡ (exclusive area) unit was traded for 2.39 billion KRW in August last year, and then set a new record for the highest-priced apartment in Korea when an 84㎡ unit was traded for 3.4 billion KRW in October of the same year. Among industrial areas, the most expensive land price was at 658-1, Seongsu-dong 1-ga, Seongdong-gu, where the Peugeot AS French Motors car repair shop is located. The land price was 13.21 million KRW per 1㎡. Among green areas, the most expensive land was near Gaepo Jugong 1 Complex, considered the leading reconstruction site in Gangnam-gu, at 591-1, Gaepo-dong, priced at 27.56 million KRW per 1㎡.