The publicly announced prices of individual houses in Gyeonggi Province have increased by an average of 1.19% compared to last year.
Gyeonggi Province announced on the 30th that the prices for approximately 507,000 individual houses across 31 cities and counties in the province as of January 1, 2024, have been determined and publicly disclosed.
The announced prices were determined and disclosed by each mayor or county governor after the cities and counties surveyed and calculated the housing prices from November last year in accordance with the "Act on the Public Announcement of Real Estate Prices," followed by hearing the opinions of homeowners and deliberation by the real estate price public announcement committees of each city and county.
The area with the highest increase rate in the province was Cheoin-gu, Yongin-si, where prices rose by an average of 3.98% due to urban development projects and national industrial complex developments. In contrast, Dongducheon-si recorded the lowest increase rate with a 0.8% decrease.
Among the approximately 507,000 houses subject to public announcement, about 241,000 houses (47.56%) saw price increases compared to the previous year. Houses with price decreases numbered about 73,000 (14.35%), and those with no price change or newly registered properties accounted for about 193,000 (38.09%).
The house with the highest price in the province was a detached house in Bundang-gu, Seongnam-si (total floor area 3,049㎡), valued at 15.9 billion KRW, while the lowest priced house was a detached house in Pocheon-si (total floor area 18.12㎡), valued at 2.33 million KRW.
Owners and interested parties who have objections to the individual house prices can file an objection by visiting the civil service office of the city, district, or town where the house is located, or by fax or mail, until May 29.
However, objections from owners of apartment units can be submitted through the Real Estate Price Public Announcement website.
Gyeonggi Province will re-investigate and verify the prices of the submitted objections, then notify the applicants of the results after deliberation by the Real Estate Price Public Announcement Committee.
A Gyeonggi Province official stated, "The individual house prices are calculated by comparing the characteristics of individual houses surveyed by each city and county with those of the standard houses publicly announced by the Minister of Land, Infrastructure and Transport. Since these prices are used for over 60 administrative purposes, including housing-related taxes and eligibility criteria for various welfare policies, it is necessary to pay attention and review whether the announced prices are appropriate."
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