Seoul Individual Official Land Prices Up 1.33%... Myeongdong Nature Republic Tops for 21 Years

Seoul City 2024 Individual Land Price Determination and Announcement
Gangnam-gu, Seocho-gu, Seongdong-gu, Gangdong-gu in Order

This year, the individual publicly announced land prices in Seoul increased by 1.33%. The rise was significant in Gangnam-gu, Seocho-gu, and Seongdong-gu.

The Seoul Metropolitan Government announced that it will determine and publicly announce the individual land prices for 863,191 parcels on the 30th.

This year’s individual land prices rose by 1.33% compared to the previous year. Last year, the individual land price change rate was -5.56%, marking a decline for the first time in 14 years since 2009, but it rebounded within one year.

The city explained, “As the standard land price was revised upward this year, the individual land prices also slightly increased.” The Ministry of Land, Infrastructure and Transport applied a 2024 standard land price, which serves as the basis for calculating individual land prices, reflecting the 2020 level of realization rate, resulting in a partial upward adjustment in January.

Among the 863,191 parcels, 779,614 parcels (90.3%) saw an increase in land price, 38,154 parcels (4.4%) decreased, 44,062 parcels (5.1%) remained unchanged from last year, and 1,361 parcels (0.2%) were newly registered.

Land prices rose in all autonomous districts. In particular, Gangnam-gu (2.04%), Seocho-gu (1.65%), Seongdong-gu (1.58%), and Gangdong-gu (1.55%) showed high rates of increase.

Nature Republic Myeongdong World Branch, Jung-gu, Seoul.

The highest publicly announced land price in Seoul is at the Nature Republic Myeongdong World branch site (24-2 Chungmuro 1-ga, Jung-gu), which has held the highest price since 2004. This year, it is 1.754 billion KRW per square meter (1.741 billion KRW per square meter in 2023). The lowest price is at San 30, Dobong-dong, Dobong-gu (natural forest), at 6,710 KRW per square meter (6,710 KRW per square meter in 2023).

Individual land prices can be checked by entering the land location on the Seoul Real Estate Information Plaza or the Real Estate Public Price Notification website.

The city will accept objections from today until May 29. If there are objections, one can submit an objection form through the Real Estate Public Price Notification website or at the autonomous district office or local community service center. For the lands under objection, a re-investigation of land characteristics will be conducted, followed by verification by an appraiser and review by the autonomous district real estate price announcement committee, with adjustments to be publicly announced on June 27. During the objection period, an appraiser consultation system will also be operated. If telephone consultation with an appraiser is desired, requests can be made through the Seoul 120 Dasan Call Center.

Jo Nam-jun, head of the Seoul Metropolitan Government’s Urban Space Headquarters, said, “The determined and publicly announced individual land prices will be used as reference data for various taxes and charges,” adding, “We will continuously identify and resolve issues related to land price announcements to alleviate citizens’ inconveniences.”