Gwangju City Announces Official Housing Prices for 79,642 Houses

Individual Housing Prices Up 8.44% and Apartment Prices Up 4.76% Compared to Last Year

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced the individual housing prices for 79,642 houses as of January 1 this year, categorized by the five autonomous districts.

This year's individual housing prices were calculated based on the standard housing prices announced by the Minister of Land, Infrastructure and Transport on January 25. The Korea Real Estate Board completed the price validity verification, and after hearing the opinions of homeowners and deliberation by the real estate price announcement committees of each district, the prices were announced as of the 29th.

The individual housing prices showed an average increase of 8.44% compared to the previous year in Gwangju, which is analyzed to reflect the rise in the standard housing prices (8.38%↑), which serve as the basis for calculating individual housing prices, as well as the development expectations for planned redevelopment areas.

The distribution of individual housing prices by price level was 71,563 houses (89.86%) priced at 300 million KRW or less, 6,857 houses (8.61%) priced over 300 million KRW up to 600 million KRW, and 1,222 houses (1.53%) priced over 600 million KRW.

Additionally, the average apartment prices for 449,073 units in Gwangju, announced by the Ministry of Land, Infrastructure and Transport on the same day, showed a 4.76% increase compared to the previous year.

The distribution of apartment prices by price level was 401,624 units (89.43%) priced at 300 million KRW or less, 44,780 units (9.97%) priced over 300 million KRW up to 600 million KRW, and 2,669 units (0.60%) priced over 600 million KRW.

This year's announced individual and apartment housing prices can be checked on the district office websites where the houses are located and on the Ministry of Land, Infrastructure and Transport's Real Estate Price Disclosure website.

If there are any objections to the determined and announced housing prices, for individual housing prices, objections can be submitted through the Real Estate Price Disclosure website or the tax department of the district office where the house is located. For apartment prices, objections can be submitted through the Real Estate Price Disclosure website, the tax department of the district office where the apartment is located, or the Gwangju branch of the Korea Real Estate Board by the 28th of next month.

Submitted objections will undergo a verification process and are scheduled to be adjusted and re-announced on June 25.

For further inquiries, contact the tax department of the district office in charge of the individual house location, or the Gwangju branch of the Korea Appraisal Board or the Ministry of Land, Infrastructure and Transport's Real Estate Price Disclosure call center for apartments.

Jung In-sik, Director of the City Taxation Division, said, “Housing prices provide price information for the housing market and are used in various fields such as property tax, health insurance premiums, and basic pensions, so we hope residents take an active interest and review the prices within the designated period.”