Andong City 'Highest Official Land Price', Seobudong Columbia Andong Branch '21.84 Million KRW per Pyeong'

Average Volatility Rate 8.36% ↑ ... Up 4.18 Percentage Points from Last Year

The photo shows the 'Rainbow Landscape Lighting' installed at the fountain in Bukmun-dong, Andong City. It was installed by Andong City on January 1 as part of a pilot project for landscape lighting.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Andong City announced on the 15th that it has determined and publicly announced the official land prices for 4,982 standard land parcels (4,862 parcels in 2020) as of January 1st this year, on February 1st.

The average change rate of the official standard land prices in Andong this year was 8.36%, which is 4.18 percentage points higher than last year's 4.18%.

The biggest factor for this change was the government's policy aiming to raise the individual official land price realization rate to 90% by 2028, which increased it to about 65.5% this year. The nationwide official standard land price rose by 10.39%, and Gyeongsangbuk-do showed an increase rate of 8.44%.

The highest official standard land price in Andong City was for commercial land at 149-117 Seobudong (Columbia Andong Branch), priced at 6.62 million KRW per square meter. The lowest was forest land at 472 Imdong-myeon, Bakgok-ri, priced at 260 KRW per square meter.

The official standard land price serves as the basis for calculating individual official land prices, as well as a standard for land appraisal work and a general indicator for land transactions.

The official standard land prices can be viewed online on the Ministry of Land, Infrastructure and Transport website or the Real Estate Public Price Notification site. They can also be viewed at the Land Information Division of Andong City Hall.

Owners or interested parties who have objections to the announced official land prices can file an objection by March 2nd through the online viewing site or at the Land Information Division of Andong City Hall.