Daegu Land Prices Down 6.02% in One Year... Official Announcement of Standard Land Prices

Highest Land Price, Jung-gu Legal Affairs Hall

38.72 Million KRW per 1㎡, Down 8.24%

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-seon] According to the Ministry of Land, Infrastructure and Transport's announcement on the 25th, the average land price change rate of 14,046 standard land parcels in Daegu City as of January 1, 2023, was -6.02%.

The announced standard land price refers to the appropriate price per unit area (㎡) of standard land investigated, evaluated, and announced by the Minister of Land, Infrastructure and Transport. It serves as the basis for calculating individual announced land prices and is used as fundamental data for imposing various taxes and charges such as property tax.

The number of standard land parcels announced this time in Daegu City is 14,046, which increased by 329 parcels compared to the previous year to improve the distribution of standard land by land use zone and to enable objective and reasonable price determination.

Daegu City Hall Dongin Office Building.

The 2023 Daegu City standard land price change rate was -6.02%, a decrease of 16.58 percentage points compared to the previous year (10.56%). The decrease rates by district were as follows: Dalseong-gun -6.76%, Buk-gu -6.41%, Nam-gu -6.25%, Dalseo-gu -6.24%, Dong-gu -6.21%, Seo-gu -6.17%, Jung-gu -6.11%, and Suseong-gu -5.18%. The nationwide change rate was -5.92%, down 16.09 percentage points from the previous year (10.17%).

This reflects the application of the 'Real Estate Public Price Realization Adjustment Plan.' Considering the recent decline in housing prices and difficult economic conditions, the Ministry of Land decided to lower the 2023 applied realization rate to the 2020 level to ease the real estate holding tax burden in 2023. As a result, the 2023 standard land prices were calculated applying the revised realization plan, leading to a decline in the change rate.

The highest standard land price in Daegu City is at 162 Beonji, Dongseongno 2-ga, Jung-gu, at the Legal Affairs Society building, with a unit price of 38.72 million KRW per square meter (an 8.24% decrease from the previous year). The lowest price is at San 129, Jeongdae-ri, Gachang-myeon, Dalseong-gun, at 365 KRW per square meter (a 7.59% decrease from the previous year).

The standard land prices can be viewed from the 25th on the Real Estate Public Price Informer website and at the land information departments of the city and district offices where the standard land is located. If there are objections, they can be submitted online (via the Real Estate Public Price Informer website) or in writing (mail, fax, etc.) to the Minister of Land, Infrastructure and Transport by February 23.

The Ministry of Land, Infrastructure and Transport will re-investigate and evaluate the objections received by February 23, and after deliberation by the Central Real Estate Price Public Announcement Committee, will announce the adjusted prices on March 16.

Kwon Oh-hwan, Director of Urban Housing at Daegu City, stated, "Based on the announced standard land prices, individual announced land prices will be calculated and decided by April 28. Since these are used for administrative purposes such as imposing various taxes and charges, we will do our best to ensure fair and objective individual land price decisions through accurate land characteristic surveys and price calculations."