The Increase in Official Land Prices Far Exceeds Last Year’s 1.33%
Gangnam-gu at 5.47%, Yongsan-gu at 5.21%, Seongdong-gu at 4.82%
99% of Parcels Saw a Rise in Assessed Value, Only 0.6% Decreased
This year, the officially assessed land price in Seoul rose by 4.02% compared to the previous year. This increase far exceeds last year's growth rate of 1.33%, marking a continued upward trend for the second consecutive year.
The Nature Republic site in Myeongdong, Seoul, with the highest official land price for 22 consecutive years. Photo by Yonhap News
The Seoul Metropolitan Government announced on the 30th that it had determined and published the official land prices as of January 1 this year. The assessment covered 861,300 individual land parcels. The process included deliberations by the real estate price disclosure committees of each district office.
This year, the official land price increased in every district of Seoul. Districts with a rate of change above the average (4.02%) were, in order: Gangnam-gu (5.47%), Yongsan-gu (5.21%), Seongdong-gu (4.82%), Seocho-gu (4.81%), and Songpa-gu (4.05%).
Districts with the lowest rates of increase were, in order: Geumcheon-gu (2.11%), Guro-gu (2.28%), Dobong-gu (2.31%), Seongbuk-gu (2.48%), and Nowon-gu (2.70%).
The Seoul Metropolitan Government explained, "This year's upward adjustment of the officially assessed land price for standard parcels influenced the individual official land prices to also rise to a certain extent." The individual official land price refers to the appropriate price per square meter for each parcel, calculated based on the officially assessed price of standard parcels.
Among the 861,300 individual parcels, land prices increased for 98.8% (851,037 parcels). Only 0.6% (5,273 parcels) saw a decrease. The price remained the same as the previous year for 0.3% (2,618 parcels). Newly assessed parcels accounted for 0.3% (2,372 parcels).
The site with the highest official land price in Seoul is the Nature Republic location in Myeongdong (24-2, Chungmuro 1-ga, Jung-gu), which has held the top spot for 22 consecutive years. The land price for this parcel reached 1,805 million won per square meter, an increase of 5.1 million won per square meter from the previous year's 1,754 million won.
Conversely, the site with the lowest land price is San 30, Dobong-dong, Dobong-gu (natural forest), at 6,730 won per square meter. Last year's official land price for this parcel was 6,710 won per square meter.
Individual official land prices can be checked by entering the parcel's location on the Seoul Real Estate Information Plaza or the Real Estate Price Disclosure System. If there are any objections, an objection form can be submitted online via the Real Estate Price Disclosure System by May 29, or submitted by mail, fax, or in person at the relevant district office or local community center.
For parcels with objections, a re-investigation will be conducted, including a review of the land's characteristics. After verification by an appraiser and deliberation by the district real estate price disclosure committee, the adjusted prices will be announced on June 26. During the objection period, the city will also operate a consultation system with appraisers. Those wishing to consult with an appraiser by phone can request assistance through the 120 Dasan Call Center.
Cho Namjun, head of the Urban Space Headquarters at the Seoul Metropolitan Government, stated, "The individual official land price serves as a fundamental reference for various taxes and charges, and is closely related to citizens' property rights," adding, "We will continue to pursue institutional improvements to ensure fair and balanced assessment of official land prices."
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