Gyeonggi Province's Public Land Prices Rise Average 12.8% This Year

Gyeonggi Province's individual public land prices for this year have risen an average of 12.8% compared to last year.

While 82% of surveyed parcels experienced price increases, only 4.3% of parcels saw declines.

On the 30th, Gyeonggi Province announced that as of January 1 this year, it determined and disclosed the individual public land prices for 3.71 million parcels in the province, with objections accepted from June 1-30 through written applications or the internet at municipal and county offices where the land is located.

According to survey results, Gwacheon City, where portions of the Greenbelt (development restriction zone) were lifted, recorded an average land price increase of 24.2%, while Hanam City (18.6%) and Yangju City (18.4%) also showed high growth rates. Seongnam City (16.5%) and Hwaseong City (16%), which have high redevelopment and residential complex development demand, also experienced significant increases.

By parcel, among the total 3.71 million surveyed parcels, 82.4% or approximately 3.056 million parcels saw price increases, 4.5% or approximately 167,000 parcels showed no change, and 4.3% or approximately 159,000 parcels saw declines.

As a result, the total value of Gyeonggi Province's individual public land prices reached 827.14 trillion won, accounting for 28.4% of the national total (2,911 trillion won).

The individual public land prices announced this time will be used as the basis for calculating various land-related national and local taxes including comprehensive real estate tax, property tax, and acquisition tax, as well as various charges including development fees.