2024 Apartment Officially Announced Prices Determination and Announcement
Review of Objections to be Completed for Adjustment and Announcement by End of June
The Hwaseong International Theme Park Complex Development Project is a plan to build a futuristic advanced complex city on a 4,189,000㎡ (1,270,000 pyeong) site within Songsan Green City, Hwaseong-si, Gyeonggi Province. The photo shows apartments in the eastern residential complex within Songsan Green City. Photo by Yongjun Cho jun21@
The government has finalized the nationwide official price change rate for apartment complexes at 1.52% for this year.
The Ministry of Land, Infrastructure and Transport will announce the official prices of apartment complexes (approximately 15.23 million households) as of January 1 this year on the 30th. The year-on-year change rate of the official prices for apartment complexes nationwide has been set at 1.52%, the same as the preliminary notice issued last month.
From the 19th of last month to the 8th of this month, the Ministry conducted public viewing and collected opinions on the official prices of apartment complexes from owners, stakeholders, and local governments. As a result, the number of submitted opinions totaled 6,368 (5,163 requests for upward revision, 1,205 for downward revision), a 22% decrease compared to the previous year. This is the lowest level in the past five years. Regarding the submitted opinions, adjustments were made to 1,217 official prices deemed valid after internal review by the investigator (Korea Real Estate Board), external expert evaluation, and deliberation by the Central Real Estate Price Public Announcement Committee. The reflection rate was 19.1%.
The nationwide average official price change rate remains the same as the initial viewing notice. However, some regions such as Daejeon (-0.06 percentage points) and Chungbuk (-0.04 percentage points) showed slight changes compared to the viewing period due to this price adjustment. Official prices of apartment complexes can be checked from April 30 on the 'Real Estate Official Price Information' website or at the civil service offices of the city, county, or district where the apartment complex is located.
If there are objections to the official prices, an objection form can be submitted by mail, fax, or in person to the 'Real Estate Official Price Information' website, the Ministry of Land, Infrastructure and Transport, city/county/district offices (civil service offices), or the Korea Real Estate Board (regional branch) by May 29. Submitted objections will be re-investigated, and the results will be communicated to the applicants by June 27.
Meanwhile, starting this year, apartment floor and orientation grades, which are scheduled to be disclosed, will be provided throughout the year upon request by owners after comprehensively reviewing the public’s right to know, market price impact, and individual property rights.
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