This year, the individually appraised land prices in Gyeonggi Province rose by 2.93% compared to the previous year. This figure surpasses the national average increase of 2.72% for the same period and is the second highest in the country after Seoul, which recorded a 4.02% increase.
On April 30, the Gyeonggi Provincial Government finalized and announced the individually appraised land prices for 4.88 million parcels in the province, based on data as of January 1, 2025.
By city and county, areas where development projects are actively underway showed significant increases in land prices.
Cheoin-gu in Yongin recorded the highest increase at 4.62%, driven by various development projects such as the semiconductor industrial complex. Osan saw a 4.31% rise, influenced by the development of Segyo Districts 1, 2, and the newly added District 3. Gwangmyeong experienced a 4.07% increase, attributed to the Gwangmyeong New Town and the creation of the third new town.
In contrast, some areas such as Dongducheon (0.69%), Yeoncheon (0.90%), and Yangpyeong (1.34%) recorded relatively modest increases due to a sluggish real estate market and a lack of development factors.
The highest land price in the province is 30,040,000 won per square meter for parcel 541 in Baekhyeon-dong, Bundang-gu, Seongnam (the site of Hyundai Department Store), while the lowest is 553 won per square meter for parcel 267 in Samjeong-ri, Sinbuk-myeon, Pocheon (forest land).
Individually appraised land prices are widely used for 60 different purposes, including as the basis for various taxes and charges, selection of recipients for basic livelihood security, calculation of health insurance premiums in the welfare sector, and for real estate appraisals related to compensation, auctions, and collateral.
Meanwhile, to enhance trust in the individually appraised land prices and to reflect residents' opinions, the Gyeonggi Provincial Government operates the "Appraiser Consultation Service," which allows landowners and stakeholders in each city and county to directly consult with appraisers involved in the price assessment. This consultation service is available during the objection period, from April 30 to May 29.
For parcels subject to objections, the prices will be re-verified by appraisers and reviewed by the Real Estate Price Disclosure Committee, with adjusted prices scheduled to be announced on June 26.
The publicly disclosed individually appraised land prices can be viewed at the civil service offices of each city, county, and district office, as well as on the Real Estate Price Disclosure website. From early May, map-based verification will also be available through the Gyeonggi Real Estate Portal.
Kim Yongjae, head of the Land Information Division at the Gyeonggi Provincial Government, stated, "Individually appraised land prices serve as an important standard that directly affects residents' tax equity, welfare benefits, and property rights protection. We will continue to establish a fair and trustworthy disclosure system through precise land characteristic surveys and objective reviews by appraisers."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
