Up 2.88% YoY on Average... Higher than the Average of 14 Cities and Counties
The Most Expensive Detached House in the Province is 1.138 Billion KRW in Yeonam-dong, Pohang
The Cheapest House is 929,000 KRW in Jeongnim-ri, Uljin-gun
[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do announced the official prices of approximately 454,000 individual houses as of January 1, 2021, simultaneously through 23 cities and counties on the 29th, and will operate a viewing and objection period until May 28.
This year, the official prices of individual houses increased by 2.88% compared to the previous year. Fourteen cities and counties, including Ulleung (14.24%), Yeongyang (8.15%), Gunwi (8.12%), and Bonghwa (7.88%), showed a higher increase rate than the provincial average, while nine cities and counties, including Gumi (0.17%) and Gimcheon (0.33%), were lower than the average.
Looking at the distribution by price level, among the total 454,579 houses, 438,807 houses priced below 300 million KRW accounted for 96.5%. Houses priced between 300 million KRW and 600 million KRW were 13,679 (3%), those between 600 million KRW and 900 million KRW were 2,054 (0.45%), and houses priced above 900 million KRW were 69 (0.05%).
The highest-priced detached house in the province is located in Yeonam-dong, Buk-gu, Pohang City, valued at 1.138 billion KRW, while the lowest-priced house is a detached house located in Jeongnim-ri, Uljin-eup, Uljin County, valued at 929,000 KRW.
This official price of individual houses was calculated based on 26,000 standard detached houses in Gyeongbuk announced by the Ministry of Land, Infrastructure and Transport, starting from November 2020 with a survey of characteristics of houses and attached land. It was finalized after verification by the Korea Real Estate Board and deliberation by the city and county real estate price disclosure committees.
Kim Jang-ho, Director of Planning and Coordination Office of Gyeongbuk Province, said, "Since the official prices of individual houses are used as the basis for taxation and calculation in 63 fields including national and local taxes, basic pensions, and health insurance premiums, we made great efforts to ensure the appropriateness and fairness of the prices." He added, "We ask homeowners and stakeholders to pay close attention and verify whether the official prices are appropriate."
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