Yongin City Reports Significant Decline in Official Land Prices and Residential Property Values, with Suji-gu Leading the Drop

[Suwon Ilbo=Reporter Park Noh-hun] Yongin Special City decided and announced individual official land prices and individual residential property prices on the 28th, and will operate a review and objection period through May 30.

According to Yongin City on the 28th, individual official land prices in the region declined 5.51% compared to last year.

By district, Cheoin-gu saw a decline of 5.4%, Giheung-gu 5.59%, and Suji-gu 5.56%.

This is interpreted as reflecting the impact of the real estate market downturn, where national standard land prices fell 5.92% and Gyeonggi Province fell 5.51% as of January 1 this year, affecting Yongin City's individual official land prices.

Based on January 1 this year, a total of 279,971 land parcels decided and announced on the 28th can be viewed directly at the district offices and eup·myeon·dong civil affairs offices under the jurisdiction where the land is located, or confirmed through the Yongin City website (www.yongin.go.kr) and the Real Estate Public Notice Price Alert system.

For land parcels with objections to individual official land prices submitted, verification by appraisal firms and deliberation by the Yongin Real Estate Price Public Notice Committee will be conducted, with results notified by June 26.

Individual residential property prices were also announced on the 28th.

Individual residential property prices are used as the tax base for national taxes such as comprehensive real estate tax, capital gains tax, and inheritance tax, as well as local taxes including property tax and acquisition tax.

Based on January 1 this year, individual residential property prices for a total of 28,751 single-family and multi-family houses declined 5.14% compared to last year.

The price decline rate was highest in Suji-gu at 7.09%, followed by Giheung-gu at 6.08% and Cheoin-gu at 3.28%.

Individual residential property prices can be viewed at the tax division of the district office where the residence is located and at eup·myeon·dong civil affairs offices, or confirmed on the Real Estate Public Notice Price Alert website (www.realtyprice.kr).

For residential properties subject to objections to pricing, a re-investigation of the appropriateness of price calculation and price balance with neighboring individual residences will be conducted, and individual notices will be sent in June.

The objection period for individual residential property and individual official land price announcements is through May 30.

Individual official land price objections can be filed by visiting each district office and eup·myeon·dong civil affairs office or submitting an objection form through the Government24 portal (www.gov.kr), while individual residential property price objections can be filed by visiting the tax division of each district office or eup·myeon·dong civil affairs office.

Additionally, apartment and multi-unit residential building prices decided and announced by the Minister of Land, Infrastructure and Transport can be viewed and objections can be filed on the Real Estate Public Notice Price Alert website.