Announcement of Apartment Prices Also Through Ministry of Land, Infrastructure and Transport
Busan City announced that as of January 1, 2023, the individual housing prices have fallen by an average of 3.06% compared to last year.
On the 28th, Busan City decided and publicly announced the individual housing prices for 159,914 houses in the jurisdiction. The average decline rate of 3.06% in Busan’s individual housing prices this year is 1.87% lower than the national average decline rate of 4.93%, and 4.40% lower than Seoul City, which showed the highest decline rate (7.46%↓).
Among Busan’s 16 districts and counties, Jung-gu had the highest decline rate at 3.86%, followed by Gangseo-gu (3.77%↓), Buk-gu (3.71%↓), and Gijang-gun (3.46%↓). Busanjin-gu recorded the lowest decline rate at 2.53%↓.
The reason for the decline this year after continuous increases, including an 8.35% rise in Busan’s average individual housing prices last year, is analyzed to be due to the downward adjustment to the 2020 level following the housing price market decline since the second half of last year and the government’s policy to reflect actual prices in the publicly announced prices.
The standard housing price change rate, decided and announced on January 25 this year, fell by 3.43%, and the individual housing prices were similarly adjusted downward.
The highest-priced house in Busan this year is a detached house located in Amnam-dong, Seo-gu, Busan, with a publicly announced price of 5.34 billion KRW, while the lowest-priced house is located in Jwacheon-dong, Dong-gu, with a publicly announced price of 1.45 million KRW.
The individual housing prices announced this time were decided after starting the housing characteristic survey in November last year, calculating housing prices by districts and counties, verification by the Korea Real Estate Board, price inspection and submission of opinions by housing owners, and review by the district and county real estate price public announcement committees.
Owners or stakeholders of individual houses can view the publicly announced prices through the ‘Ilsapyeonri Real Estate Integrated Civil Service Website’.
If there are objections to the publicly announced prices, from the 28th to May 30, objections can be submitted through the website, by visiting the tax department of the district or county, or by mail or fax.
Regarding submitted objections, after re-investigating the appropriateness of the prices by June 26, and undergoing verification by the Korea Real Estate Board and review by the district and county real estate price public announcement committees, the final adjusted prices will be publicly announced on June 27.
Also, the Ministry of Land, Infrastructure and Transport will decide and publicly announce the prices of apartment complexes on the 28th and accept objections until May 30.
Apartment complex prices can be viewed and objections submitted through the Real Estate Public Price Informer, and the final adjusted prices will be publicly announced on June 27, the same date as individual housing prices.
Individual and apartment complex prices are used as the tax base for acquisition tax and property tax after the announcement date, and are utilized for about 60 administrative purposes including the imposition standards for national taxes such as comprehensive real estate tax and capital gains tax, as well as charges and fees.
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