Ministry of Land, Infrastructure and Transport Announces Land Price Change Rate and Land Transaction Volume for First Half of Year
Land Transaction Volume Increases by 3.1% Compared to Second Half of Last Year
National land prices rose by 0.99% in the first half of this year. The increase was 0.23 percentage points higher than the second half of last year (0.76%) and expanded by 0.93 percentage points compared to the first half of last year (0.06%).
On the 25th, the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board announced the land price change rate and land transaction volume for the first half of this year. The land price change rate in the first half showed higher levels compared to the second half of last year in both the metropolitan area (0.99% → 1.26%) and provincial areas (0.37% → 0.52%).
By city and province, Seoul (1.12% → 1.30%) and Gyeonggi (0.91% → 1.26%) exceeded the national average (0.99%). Among the 252 cities, counties, and districts, 53 showed rates higher than the national average, including Yongin Cheoin-gu at 3.02%, Seongnam Sujeong-gu at 2.90%, and Gunwi-gun at 2.64%.
Out of the 252 cities, counties, and districts, 220 showed levels between 0.00% and 1.20%. Eight of the top 10 ranked areas were in the metropolitan area. The land price change rate in population-decreasing areas in the first half of this year was 0.448%, which was 0.585 percentage points lower than the 1.033% in non-target areas.
National land prices have risen for 16 consecutive months since turning positive in March last year (0.008%). The increase rate has gradually expanded over the last three months, showing a trend of 0.178% in April → 0.183% in May → 0.190% in June.
By usage and utilization status, commercial areas rose by 1.09%, and industrial use areas increased by 1.19%.
The total land transaction volume (including land attached to buildings) in the first half of this year was approximately 930,000 parcels (663.8 km²). This represents a 0.6% increase compared to the first half of last year and a 3.1% increase compared to the second half of last year.
The total land transaction volume in the first half of this year increased in 10 cities and provinces compared to the second half of last year, including Ulsan by 19.5% and Sejong by 14.6%. Pure land transaction volume increased in 11 cities and provinces, including Daejeon by 17.7%, Sejong by 15.5%, Jeonbuk by 14.7%, and Jeonnam by 14.7%.
Looking at land transaction volumes by usage area and building use in the first half of this year, compared to the second half of last year, agricultural and forest areas increased by 33.4%, rice paddies by 17.2%, and residential use by 10.4%.
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