'Real Estate Official Price Realization Plan' Announcement Countdown... Public Hearing to Be Held Tomorrow

(Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 26th that it will hold a public hearing at 2 p.m. on the 27th at the Korea Appraisal Board's Seoul Metropolitan Headquarters in Seocho-gu, Seoul, hosted by the Korea Research Institute for Human Settlements, to establish the 'Realistic Plan for Officially Announced Real Estate Prices.'

The officially announced prices serve as the basis for calculating holding taxes, charges, and welfare benefits related to real estate such as land and housing, significantly impacting citizens' property rights.

However, there have been many criticisms that the long-standing practice of setting official prices lower than market prices has reduced fairness among different types of real estate.

To resolve these issues, the Ministry of Land, Infrastructure and Transport has been preparing a plan since February through research projects with specialized institutions such as the Korea Research Institute for Human Settlements, and related laws were also amended in April.

At the public hearing, experts in fields related to officially announced real estate prices will attend to conduct in-depth discussions on the target levels for realization, methods of enhancement, and the impact on related systems.

In accordance with COVID-19 prevention guidelines, the number of attendees on-site will be limited to around 40 people.

The Ministry of Land, Infrastructure and Transport will livestream the event through the official YouTube and KakaoTV channels of the Ministry and the Korea Research Institute for Human Settlements, and the general public can participate by submitting comments during the hearing.

The Ministry plans to collect opinions raised at the public hearing and finalize and announce the realization plan as soon as possible.