Officially Assessed Land Prices in Gyeonggi Province Rise 2.71%... Hyundai Department Store in Bundang Records Highest Value

The officially assessed land prices for 74,359 standard land parcels in Gyeonggi Province have risen by 2.71% compared to the previous year. The national average increase was 3.36%.

According to Gyeonggi Province on January 23, the Ministry of Land, Infrastructure and Transport released the officially assessed land prices for standard land parcels nationwide on this day. The officially assessed land price for standard parcels is announced annually as of January 1 and is used as a reference for calculating individual land prices, as a standard for land appraisal, and for providing land price information in the market.

Looking at this year's assessed prices by city, district, and county, Cheoin-gu in Yongin City recorded the highest increase at 4.11%. Hanam City (3.86%), Gwacheon City (3.77%), and Uiwang City (3.40%) also posted increases above the average.

The main reasons for the increase were identified as follows: the establishment of the Yongin Semiconductor National Industrial Complex in Yongin City; large-scale development projects such as the third new town in Hanam City; increases in land development and apartment prices in Gwacheon City; and various development projects and the lifting of development restriction zones in Uiwang City.

On the other hand, Yeoncheon County (0.91%), Dongducheon City (0.96%), and Yangpyeong County (1.16%) saw only slight increases.

The most expensive land in Gyeonggi Province, according to the official assessment, is the site of Hyundai Department Store in Bundang-gu, Seongnam City, at 30.94 million won per square meter. The least expensive is a forest land in Idong-myeon, Pocheon City, at 776 won per square meter.

The officially assessed land prices for standard parcels can be viewed from January 23 to February 23 at the Ministry of Land, Infrastructure and Transport and at the civil service offices of the cities, districts, and counties where the land is located. During the same period, objections can be filed at the relevant civil service offices or with the Ministry of Land, Infrastructure and Transport (Real Estate Appraisal Division).

For standard parcels with objections submitted, in-depth reviews will be conducted by an external inspection team composed of appraisers, professors, and other experts, followed by deliberation by the Central Real Estate Price Public Announcement Committee. If changes are deemed necessary, adjustments and public announcements will be made on March 13.