Individual Home Prices in Gyeonggi Province Rise 5.92% from Previous Year

[Suwon Ilbo=Reporter Park No-hun] Individual home prices in Gyeonggi Province have risen 5.92% from the previous year.

Gyeonggi Province announced on the 29th that 31 cities and counties in the province determined and publicly announced prices for approximately 510,000 individual houses based on January 1, 2021.

These individual home prices were determined and publicly announced by each mayor and county head following investigations and calculations conducted by each city and county from November of last year in accordance with the "Act on the Public Announcement of Real Estate Prices," and after undergoing procedures including the collection of opinions from homeowners and deliberations by each city and county's Real Estate Price Public Announcement Committee.

The national average increase in individual home prices in 2021 was 6.10%, while Gyeonggi Province's individual home price increase of 5.92% ranks 8th among 17 metropolitan cities and provinces.

The region with the highest rate of increase within Gyeonggi Province is Sujeong-gu, Seongnam-si (13.41%), while the lowest is Yangju-si (2.59%).

Among the total 506,000 publicly announced residential properties, 390,000 homes (77.1%) experienced price increases compared to the previous year, 33,000 homes (6.5%) saw price declines, and 83,000 homes (16.4%) showed no price changes or are new properties.

The highest-priced house in the province is a single-family house (total floor area 3,049㎡) located in Bundang-gu, Seongnam-si, valued at 1.63 billion won, while the lowest-priced house is a single-family house (total floor area 20㎡) located in Namyangju-si, valued at 1.03 million won.

Individual home price inquiries can be made starting the 29th through city, county, and district websites or the Real Estate Public Price Announcement website (www.realtyprice.kr), and can also be viewed by visiting the civil service center at the city, county, or district (eup, myeon, dong) where the house is located.

If there are objections to the individual home price, owners and interested parties may file objections by the 28th of next month through in-person visits to the civil service center at the city, county, or district office (eup, myeon, dong) where the house is located, by FAX, or by mail.

However, objections by condominium owners can be filed through the Real Estate Public Price Announcement website,

and can also be filed by mail, FAX, or in-person visits to the Korea Appraisal Board's regional offices nationwide.

Filed objections will undergo re-investigation and price verification, followed by deliberation by the Real Estate Price Public Announcement Committee, with the results notified to the objecting parties. Corrected house prices resulting from the objections will be subject to adjustment and re-announcement on June 25.

A provincial official stated, "The home prices determined and publicly announced this time serve not only as the standard for taxation in levying local taxes such as property tax (housing) and acquisition tax, but also as materials for calculating national health insurance premiums. Therefore, it is necessary to pay attention and verify whether the announced prices are appropriate,"