[Asia Economy Reporter Park Hyesook] The individual publicly announced land price in Incheon this year rose by 4.11% compared to the previous year, recording an average of 301,397 KRW per 1㎡.
Incheon City decided and announced the individual publicly announced land prices for 638,633 parcels in Incheon as of January 1 this year on the 29th.
This year's 4.11% increase in land prices is 0.52 percentage points lower than last year's 4.63%.
By region, Bupyeong-gu saw a rise in land prices around Sangok-dong due to new urban-type residential housing construction centered on Bupyeong-dong's station area and the planned extension of Subway Line 7. Additionally, the development in Cheongcheon-dong and increased demand for new small-scale housing in Galsan-dong and Ilsin-dong, converting old houses into new multi-family housing, influenced land price changes, resulting in a 5.85% increase.
Following that, Gyeyang-gu rose by 5.45% due to the Gyeyang Technovalley new town in Bakchon, Dongyang, and Gyulhyeon-dong, as well as active construction of commercial and industrial facilities within the Seoun Industrial Complex.
The total land value in Incheon reached 323 trillion KRW, about 13 trillion KRW more than last year's 310 trillion KRW.
The total land price amounts are approximately 72 trillion KRW in Seo-gu, 57 trillion KRW in Yeonsu-gu, 52 trillion KRW in Jung-gu, and 42 trillion KRW in Namdong-gu. Compared to last year, Seo-gu increased by about 2.3 trillion KRW, Jung-gu by 1.5 trillion KRW, Namdong-gu by 2 trillion KRW, Bupyeong-gu by 1.8 trillion KRW, and Ganghwa-gun by about 600 billion KRW.
The most expensive land in Incheon is the site of the Kumkang Shoe building at 199-45 Bupyeong-dong, Bupyeong-gu, priced at 12.75 million KRW per ㎡. Among apartments, the most expensive site is Well County Complex 3 at 9-6 Songdo-dong, Yeonsu-gu, priced at 3.08 million KRW per ㎡.
Individual publicly announced land prices can be viewed on the Real Estate Public Price Information website until June 29, and if there are objections, an objection form can be submitted to the district or county office to request a re-investigation.
Individual publicly announced land prices are widely used in about 61 fields, including welfare administration such as health insurance premium calculation, taxation and levies such as property tax, and calculation of penalties for illegal buildings.
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