Next Year’s Official Price of Detached Houses to Rise 1.96%... Yongsan and Gangnam Increase Over 3% (Comprehensive)

Ministry of Land, Infrastructure and Transport Announces '2025 Standard Land Standard Price Official Price'
Standard Land Rises 2.93%...Increase Rates in Order of Seoul, Gyeonggi, Daejeon
Only Jeju Sees Decline in Official Prices for Single-Family Houses and Land

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 the standard land official land prices by city and province for next year, Seoul rose 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 consists of 600,000 parcels (out of 35.59 million parcels of nationwide land 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 type, the changes were 3.16% for commercial, 3.05% for residential, 1.95% for industrial, 1.86% for farmland, and 1.62% for forest land.

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

Within Seoul, the official price increase rate of the standard detached house in Yongsan-gu was the most prominent at 3.7%. It was followed by Gangnam-gu (3.53%), Seongdong-gu (3.41%), Dongjak-gu (3.28%), and Mapo-gu (3.11%).

Among the 17 cities and provinces nationwide, Jeju (-0.26%) was the only place where the standard detached house official price declined. The official price of standard detached houses in Jeju has fallen for three consecutive years.

The nationwide average official price of standard detached houses is 169.74 million KRW, with Seoul at 630.67 million KRW and Gyeonggi at 269.08 million KRW. The area with the lowest average official price for detached houses is Jeonnam at 44.15 million KRW.

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

The official prices for next year applied the same market price reflection rate as this year, according to the 'Revised Plan for Realization for the 2025 Real Estate Price Official Announcement' reported to the Cabinet meeting on November 19.

The standard land official land prices and standard housing official prices for next year 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 offices where the respective standard land and standard housing are located.

After the opinion hearing process of owners and local governments is 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.