Gyeonggi Province Land Prices Rise an Average of 22.6%

Land prices in Gyeonggi Province have risen sharply over the past year due to the impact of various development projects.

According to the "2006 Individual Land Price Public Announcement Status" decided by Gyeonggi Province on the 30th, the publicly announced land price rose an average of 22.6% compared to last year, which is 4 percentage points higher than the national average of 18.6%.

This represents a slight slowdown compared to 28.1% in 2004 and 35.4% in the previous year, but the total value of the target land has increased by 111 trillion won, from 562 trillion won last year to 673 trillion won this year.

By individual lot, 94.4% of the total (3,388,213 lots), or 3,127,751 lots, experienced price increases, while 3.3% (107,640 lots) saw no change and 2.3% (75,616 lots) declined.

By region, Yangpyeong-gun, where various development projects such as the Central Line double tracking and electrification construction, Seoul-Chuncheon expressway opening, and local road expansion and paving projects are underway, recorded the highest increase rate in the province at 61.2%. Nine other municipalities including Yangju, Pyeongtaek, Yeoju, and Icheon also showed increases of over 30%.

In contrast, Goyang City (7.4%), Guri City (7.5%), and Uijeongbu City (8.4%) recorded low increases of 10% or less.

Among individual land prices, the most expensive land is the Crown Bakery South Gate Branch at 24-5 Paldal-ro 3-ga, Paldal-gu, Suwon, at 12.1 million won per square meter, which declined by 1 million won compared to last year. The least expensive land is a forest lot at Mt. 111, Galwol-ri, Shinbuk-myeon, Pocheon at 303 won per square meter.

The province plans to notify individual land owners of the individual land price status from June 1st and accept objections through Internet viewing and other means until the 30th.

For lands with filed objections, the province will conduct re-investigations and verification by professional appraisers and finalize the results by July 30th.

A Gyeonggi Province official stated, "While individual land prices throughout the province have risen due to the impact of various development projects such as road network expansion, green belt release, and housing site development, the rate of increase is showing a slight slowdown trend."