Next Year's Official Land Prices, Standard Land Up 2.9% - Standard Housing Up 1.9%... Seoul Shows the Largest Increase

Ministry of Land, Infrastructure and Transport Announces '2025 Standard Land Standard Price Public Price'

Seoul Walking Column - A residential complex in downtown Seoul where apartments and houses coexist. Photo by Yongjun Cho jun21@

The nationwide standard land official land prices for next year have been surveyed to have increased by 2.93% compared to the previous year, and the standard housing official prices have risen by 1.96% compared to the previous year. The Ministry of Land, Infrastructure and Transport announced this on the 18th through the "2025 Standard Land and Standard Price Official Price Announcement."

First, looking at next year's standard land official land prices by city and province, Seoul increased by 3.92%, Gyeonggi by 2.78%, Daejeon by 2.01%, Busan by 1.84%, and Incheon by 1.83% in order.

The standard land covers 600,000 parcels (out of 35.59 million parcels nationwide subject to official announcement), and 20,000 additional parcels were added compared to the previous year to improve the accuracy of the official land prices. A total of 134 appraisal corporations and appraisal offices (1,300 appraisers) participated in the survey and evaluation.

By land use situation, commercial land changed by 3.16%, residential by 3.05%, industrial by 1.95%, farmland by 1.86%, and forest land by 1.62% in order.

Looking at next year's nationwide standard housing official prices by city and province, Seoul changed by 2.86%, Gyeonggi by 2.44%, Incheon by 1.7%, Gwangju by 1.51%, and Sejong by 1.43% in order.

The standard housing includes 250,000 houses (out of 4.08 million detached houses nationwide subject to official announcement), and to secure representativeness of the standard housing, 4,000 houses among the 2024 standard houses related to housing demolition, change of use, and development project implementation were replaced.

Next year's official prices applied the same market price reflection rate as this year, according to the "2025 Real Estate Price Official Announcement Realization Plan Revision" reported to the Cabinet meeting on November 19.

Next year's standard land official land prices and standard housing official prices can be viewed from the 19th on the "Real Estate Official Price Notification" website and at the civil service offices of the city, county, and district where the respective standard land and standard housing are located.

After the opinion hearing procedures of owners and local governments are completed, the 2025 standard land official land prices and standard housing official prices will be reviewed by the Central Real Estate Price Official Announcement Committee and are scheduled to be officially announced in the government gazette on the 24th of next month.