[2020 Individual Official Land Prices] Seocho-gu Tops Seoul in Increase Rate... Double-Digit Growth for 2 Consecutive Years

Seocho-gu growth rate 12.37%... Seoul City "Impact of apartment price normalization"
Double-digit growth rate for 2 consecutive years... Gangnam-gu at 9.93%

[Asia Economy Reporter Onyu Lim] This year, Seocho-gu was the district with the highest increase in individual publicly announced land prices in Seoul. Due to the land price rise following the actualization of apartment prices, it recorded a double-digit growth rate for two consecutive years.

On the 29th, Seoul City determined and announced the individual publicly announced land prices for 880,827 parcels based on January 1 of this year. This year's individual land prices rose by 8.25% compared to last year. Although the increase was somewhat lower than the previous year's 12.35%, it was higher than the 3.35% to 6.84% recorded from 2014 to 2018.

In particular, Seocho-gu's increase rate was 12.37%, the highest among Seoul's districts. Thus, Seocho-gu recorded a double-digit increase rate in publicly announced land prices for two consecutive years following last year. Last year's increase rate was 16.49%. Seoul City explained this as "land price increases due to the actualization of apartment prices in Jamwon-dong and Banpo-dong." The government had previously announced plans to raise the actualization rate of publicly announced prices, focusing on high-priced multi-family housing, to address imbalances. In Seocho-gu, Banpo-dong 2-12 area, Acro River Park was identified as the most expensive land among residential areas.

Following Seocho-gu, Gangnam-gu had a high increase rate of 9.93%. Seoul City analyzed this as "the actualization of Hyundai Motor complex facility prices and the rise in rental prices of commercial buildings around Teheran-ro." However, this was about half of last year's increase rate of 18.74%.

Next, Seongdong-gu recorded an increase rate of 9.81%, influenced by the rise in apartment publicly announced land prices in Eungbong-dong and Geumho-dong 1-ga areas. Seodaemun-gu also recorded a 9.09% increase rate due to the rise in land prices of apartment complexes in Bukahyeon-dong and Bukgajwa-dong, as well as commercial land in Changcheon-dong and Yeonhui-dong. Dongjak-gu's increase rate was 8.84%, with land prices rising following the completion of development projects in Dongjak-dong, Sadang-dong, and Heukseok-dong.