Next year, the official assessed value of standard detached houses nationwide will rise by 2.51% compared to this year. This is the highest rate since 2022. The official land value for standard lots will increase by 3.35%.
The Ministry of Land, Infrastructure and Transport announced that from December 18 to January 6, it will conduct a viewing and opinion submission process for the draft official assessed values of standard land and houses, based on data collected and calculated as of January 1 next year. Standard land and houses serve as samples that local governments use as benchmarks when determining individual official land and housing prices. The assessed values for next year apply the same market reflection rates as this year, as previously announced by the government last month: 65.5% for standard land and 53.6% for standard houses.
Among standard houses, Seoul will see the highest increase in official assessed value at 4.50%. Gyeonggi Province will rise by 2.48%, Busan by 1.96%, Daegu by 1.52%, and Gwangju by 1.50%. The rate of change in standard house assessed values remained high at 7.34% in 2022, then sharply dropped to -5.95% the following year. It has since remained at 0.57% in 2024 and 1.97% this year.
For standard land, Seoul will also experience the largest increase at 4.89%. Gyeonggi Province will rise by 2.67%, Busan by 1.92%, Daejeon by 1.85%, and North Chungcheong Province by 1.81%. Commercial land will see the largest increase at 3.66%, followed by residential land at 3.51%, industrial land at 2.11%, farmland at 1.72%, and forest land at 1.50%.
To ensure accuracy and representativeness, the government replaced approximately 38,000 standard houses and about 7,700 standard land lots. From today, these values can be viewed on the Real Estate Price Information website or at the civil service offices of city, county, and district offices where the standard houses or land are located. After completing the opinion submission process, the official assessed values will be published in the government gazette on January 23 next year.
Meanwhile, the government has launched a new service that allows the public to obtain official confirmation certificates for apartment assessed values free of charge through the Government24 website starting today. Previously, residents outside Seoul had to visit government offices in person, but the Ministry of Land, Infrastructure and Transport and the Ministry of the Interior and Safety have collaborated to build an online issuance system.
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