Ulsan City, Individual House Official Prices Fall by 0.56% Compared to Last Year

Public Notice of Individual Housing Prices for 64,643 Houses

Objections Accepted Until May 29

The individual housing prices in the Ulsan area have decreased by 0.56% compared to last year.

Ulsan City will finalize and announce the individual housing prices as of January 1, 2024, on April 30, and will accept objections until May 29.

The individual housing prices are evaluated by integrating the building and land values for 64,643 single-family, multi-family, and multiplex houses located in Ulsan. The prices were determined through characteristic surveys, price calculations, verification by the Korea Real Estate Board, submission of opinions, and deliberation by the district/county real estate price disclosure committees.

These prices are used as the basis for various taxes on housing (property tax, comprehensive real estate tax, etc.), levies, health insurance premium calculations, and eligibility criteria for various welfare policies.

The individual housing prices in Ulsan decreased by an average of 0.56% compared to the previous year, continuing a downward trend for two consecutive years. However, the decline was smaller than last year’s average decrease of 4.20%.

By district/county, the change rates were ▲ Jung-gu -0.58%, ▲ Nam-gu -0.48%, ▲ Dong-gu -0.59%, ▲ Buk-gu -0.68%, and ▲ Ulju-gun -0.53%.

A city official explained that the decrease is attributed to reduced investment demand and transactions due to economic conditions such as high interest rates.

The highest price was announced for a company residence located in Sinjeong-dong, Nam-gu, at 6.2 billion KRW, while the lowest price was for a single-family house in Samdong-myeon, Ulju-gun, at 710,000 KRW.

Individual housing prices can be viewed by visiting the tax office of the district/county where the house is located or the administrative welfare center of the town/myeon/dong, or by accessing the Real Estate Price Disclosure Information website.

Homeowners or others who have objections to the prices can file an objection at the viewing locations by May 29.

For cases where objections are received, a re-investigation will be conducted considering the characteristics of the house and balance with nearby housing prices, followed by re-verification by the Korea Real Estate Board and deliberation by the district/county real estate price disclosure committee. The results will be notified to the objectors within 30 days. Any price changes will be adjusted and announced as of June 27.

During the same period, prices for apartment complexes will also be finalized and announced. The apartment, row house, and multi-family housing prices disclosed by the Ministry of Land, Infrastructure and Transport can be viewed and objected to on the Real Estate Price Disclosure Information website or at the civil service offices of the district/county where the housing is located.

For more details regarding individual housing prices, contact the tax department of the district/county, and for apartment complex prices, contact the Apartment Price Call Center.