Dongdaemun-gu 2020 Individual Official Land Price Increases by 6.31%

Hwikyung-dong 8.66%, Jeonnong-dong 7.49%, Cheongnyangni-dong 7.25% Exceed District Average Increase Rate... Objection Submission Until June 29... ‘Appraiser Consultation System’ Operated to Address Questions on Individual Official Land Price Decisions

[Asia Economy Reporter Jongil Park] Dongdaemun-gu (Mayor You Deok-yeol) announced on May 29 the individual publicly announced land prices for 40,549 parcels as of January 1, 2020.

This year, the individual publicly announced land prices for 40,549 parcels in Dongdaemun-gu increased by 6.31% compared to last year. This rise is somewhat lower than the 7.26% increase in Dongdaemun-gu's individual land prices in 2019.

This year, small-scale developments such as redevelopment maintenance projects and urban lifestyle housing are analyzed to have influenced the price increase.

By neighborhood, Huigyeong-dong (8.66%), Jeonnong-dong (7.49%), and Cheongnyangni-dong (7.25%) recorded higher increases than the district average, while Sinseol-dong (3.66%) and Yongdu-dong (3.60%) showed lower increases than the district average.

In particular, the highest individual publicly announced land price in Dongdaemun-gu is land parcels 620-1 and 620-3 (Wangsan-ro 194) in Jeonnong-dong near the Cheongnyangni private station, priced at 24.2 million KRW per square meter. This represents a 6.14% increase compared to last year.

To check individual publicly announced land prices, visit the Dongdaemun-gu Office Real Estate Information Division or the local community service center, or access the Seoul Real Estate Information Plaza or the Ilsa Pyeonri Seoul Real Estate Information Inquiry System online and enter the land lot number.

Landowners and interested parties who have objections to the individual publicly announced land prices can submit an objection form to the Dongdaemun-gu Office or the local community service center by June 29.

Objection forms can also be submitted online through the 'Ilsa Pyeonri Real Estate Price Civil Petition' website.

For parcels with objections, land characteristics will be re-investigated, verified by appraisal experts, and reviewed by the Real Estate Price Public Announcement Committee. The results will be adjusted and publicly announced on July 27.

Dongdaemun-gu will operate an 'Appraiser Consultation Service' four times (June 3, 10, 17, and 24) during the objection period to address residents' questions regarding individual land price determinations.

Consultation hours are from 2 PM to 5 PM, and residents wishing to consult should apply in advance to the Real Estate Information Division.