Daejeon Individual Housing Prices Rise 0.58%... 76.5% Priced Below 300 Million Won

Yuseong-gu 0.8%, Seogu 0.67% Increase... Objections Accepted Until May 29

Daejeon City announced the individual housing prices for this year on the 30th. / Daejeon=Photo by Park Jong-myeong

Daejeon City announced the prices of 74,076 individual houses (including single-family and multi-family homes) as of January 1 this year, showing an average increase of 0.58% compared to the previous year.

By district, the prices rose in the following order: Yuseong-gu 0.8%, Seo-gu 0.67%, Jung-gu 0.56%, Dong-gu 0.38%, and Daedeok-gu 0.12%. The standard housing price is the price surveyed, calculated, and announced annually by the Minister of Land, Infrastructure and Transport, and is used as the basis for calculating individual housing prices.

By price level, individual houses priced at 300 million KRW or less accounted for the largest number with 56,652 houses (76.5%), followed by those priced over 300 million KRW up to 600 million KRW with 13,710 houses (18.5%), and those priced over 600 million KRW with 3,714 houses (5%).

By housing type, there are 32,879 single-family houses, 25,893 houses within mixed-use residential buildings, 12,876 multi-family houses, 1,666 multiple houses, and 762 others.

Individual housing price inquiries can be made through the Real Estate Public Price Information System, the tax departments of each district office, and the administrative welfare centers of each neighborhood. Homeowners or others with objections can file them from the 30th until May 29 through the Real Estate Public Price Information System website, the tax departments of the district office where the house is located, or the neighborhood administrative welfare centers.

For individual houses with submitted objections, a re-investigation will be conducted to verify the appropriateness of the decided price, followed by verification by the Korea Real Estate Board and deliberation by the district office’s Real Estate Price Public Announcement Committee. Adjusted prices will be publicly announced and individually notified on June 27.

A Daejeon City official stated, “According to the government’s plan to reestablish the realistic public price, the realization rate for 2024 will be frozen, so the tax burden on homeowners is expected to remain at the previous year’s level.”