The officially assessed prices of individual houses in the Gyeonggi region have increased by 2.58%.
On April 30, the Gyeonggi Provincial Government announced that, as of January 1, 2025, the officially assessed prices for approximately 463,000 individual houses in 31 cities and counties across the province were determined and published, resulting in an average increase of 2.58% compared to the previous year.
This year's assessed prices were finalized after each city and county conducted investigations and calculations of housing prices in accordance with the "Act on Public Announcement of Real Estate Values" starting in November of last year, collected opinions from homeowners, and underwent deliberation by the Real Estate Price Disclosure Committee.
The nationwide average increase in individual housing prices this year was 2.00%, with Gyeonggi Province recording the second highest rate among the 17 metropolitan cities and provinces. However, the Ministry of Land, Infrastructure and Transport decided to minimize changes in the disclosure policy, freezing the market reflection rate at the 2020 level (53.6%), so the overall fluctuation was not significant.
Among the 31 cities and counties, Gwacheon recorded the highest increase at 3.49%, attributed to its accessibility to Seoul and the impact of urban development projects. Yangju recorded the lowest increase at 1.24%.
A detached house in Bundang-gu, Seongnam (total floor area: 3,049 square meters) recorded the highest officially assessed price in the province at 16.2 billion won. In contrast, a detached house in Uijeongbu (total floor area: 38.31 square meters) had the lowest assessed price at 2.1 million won.
The officially assessed prices for individual houses can be viewed from April 30 on the websites of city, county, or district offices, or on the Real Estate Price Information website (realtyprice.kr). It is also possible to visit the civil affairs office of the relevant city, county, or district office to view the prices in person.
Homeowners or interested parties who wish to file an objection to the assessed price may do so by visiting, faxing, or mailing their objection to the civil affairs office of the relevant city, county, or district office by May 29. Owners of apartment buildings may file objections via the Real Estate Price Information website or through the relevant branch of the Korea Real Estate Board.
Objections received will undergo re-investigation and price verification, and will be decided upon through deliberation by the Real Estate Price Disclosure Committee. If adjustments are necessary, the revised prices will be announced and published on June 26.
Ryu Youngyong, head of the Taxation Division at the Gyeonggi Provincial Government, said, "The officially assessed prices of individual houses are used for more than 60 administrative purposes, including not only housing-related taxes but also eligibility for welfare policies. Therefore, it is important for homeowners to pay attention and check whether the published prices are appropriate."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
