Incheon Land Value 367 Trillion Won... Individual Official Land Price Change Rate 1.35%, Lowest in the Past 10 Years

The total land value in Incheon has been estimated to reach 367 trillion won.

On the 30th, Incheon City announced that it has determined and publicly disclosed the land prices for 634,648 parcels of land as of January 1st of this year.

The total land price in Incheon, including national and public land, is 367 trillion won, which is a 1.66% increase from last year's 361 trillion won. By district, Seo-gu is 83 trillion won, Yeonsu-gu 63 trillion won, Jung-gu 56 trillion won, and Namdong-gu 49 trillion won, in that order.

The most expensive land is located at 199-45 Bupyeong-dong, Bupyeong-gu, at the Geumgang Shoe Building, priced at 14.38 million won per square meter. On the other hand, the cheapest land is forest land in Daecheong-ri, Daecheong-myeon, Ongjin-gun, priced at 281 won per square meter. The average publicly announced land price excluding Ganghwa and Ongjin counties is 712,000 won per square meter.

Individual publicly announced land prices can be checked on the Real Estate Public Price Information website. If there is an objection to the individual land price, an objection form can be submitted to the district office by the 29th of next month.

Incheon City Hall

Starting this year, to address citizens' questions about land price determinations and to enhance transparency, the 'Incheon City Map Portal' continuously visualizes and discloses factors determining land prices such as land price, zoning, land use status, shape, and road frontage on the cadastral map.

An official from Incheon City stated, "The rate of change in individual publicly announced land prices in Incheon, excluding national and public land, was 1.35% this year, the lowest in the past 10 years," adding, "This is because the real estate market volatility was low and the realization rate of publicly announced prices (the ratio of public price to market price) was frozen."