Gyeonggi-do, Individual Official Land Prices Rise 1.61%... Objections Accepted Until 29th Next Month

This year, the individual publicly announced land prices in Gyeonggi-do increased by an average of 1.61% compared to the previous year.

Gyeonggi-do decided and announced the individual publicly announced land prices for 4,853,656 parcels within the province as of January 1, 2024, on the 30th.

The area with the highest increase in individual land prices was Cheoin-gu, Yongin-si, where many development projects such as the designation of the semiconductor cluster national industrial complex took place, rising by 4.99%. Following this, Sujeong-gu, Seongnam-si, recorded a 3.14% increase influenced by the creation of the Bokjeong and Geumto public housing districts and the promotion of the 3rd Pangyo Techno Valley, and Gwangmyeong-si saw a 2.70% rise due to the development of the Gwangmyeong-Siheung 3rd New Town and various urban development projects.

On the other hand, Dongducheon-si (-0.06%) was the only city among the 31 cities and counties in the province to record a decline. The main reason for the decrease was analyzed to be the impact of the real estate market slump, including a sharp drop in real estate transaction volume to about 60% compared to the previous year.

The most expensive land in Gyeonggi-do remains the site of Hyundai Department Store at 541 Baekhyeon-dong, Bundang-gu, Seongnam-si, priced at 29.1 million KRW per 1㎡, the same as last year, while the cheapest land was determined to be forest land at San 267, Samjeong-ri, Sinbuk-myeon, Pocheon-si, priced at 559 KRW per 1㎡.

Individual publicly announced land prices are widely used in 60 categories including ▲various tax and charge imposition standards ▲selection of basic livelihood security recipients ▲welfare fields such as health insurance premium calculation ▲real estate appraisal fields such as compensation, auction, and collateral.

Gyeonggi Provincial Government

The individual publicly announced land prices decided this time can be viewed and confirmed at the civil service offices of each city, county, and district office, on their websites, and on the Real Estate Public Price Information website. From early May, the prices can also be checked on the Gyeonggi Real Estate Portal through a map-based search.

Meanwhile, following the government's announcement to abolish the ‘Public Price Realization Roadmap,’ Gyeonggi-do has been operating the ‘Appraiser Civil Consultation System’ in collaboration with 31 cities and counties since March 26 to secure the reliability of individual publicly announced land prices through communication with residents.

The Appraiser Civil Consultation System is a program where landowners and stakeholders can directly consult with the appraiser responsible for verifying the individual publicly announced land prices of their land, designed to resolve inquiries from civil petitioners and enhance the credibility of the individual land prices. The operation period is from April 30 to May 29, which is the objection period for individual land prices, and any landowner or other stakeholders can apply.

For lands where objections are submitted, the appraiser will directly consult and re-verify the appropriateness of the price calculation, and after deliberation by the Real Estate Price Public Announcement Committee, adjustments will be announced as of June 27.

Ko Jung-guk, Director of the Land Information Division of Gyeonggi-do, stated, "Since individual publicly announced land prices are used as the basis for various land-related taxes and charges, we will conduct more accurate land characteristic surveys and fair price verifications by appraisers in the future." He added, "We will strive to ensure that residents can trust the individual publicly announced land prices decided and announced by strengthening training for surveyors and enhancing guidance and inspections."