Individual House Public Appraisal Prices in Gyeonggi Province Drop Nearly 90%, Though Some Areas Rise

[Suwon Ilbo = Reporter Park No-hoon] Nearly 90% of individual houses in Gyeonggi Province have seen their public appraisal prices decline.

According to Gyeonggi Province on the 30th, results of determining and announcing prices for approximately 493,000 individual houses as of January 1, 2023 across 31 cities and counties in the province showed this trend.

Among the target houses, only 61,000 units maintained the same price level as the previous year or saw prices increase, while the majority of houses, representing 87.5% (approximately 432,000 units), experienced declining official prices.

The rate of change in public appraisal prices was -4.93% compared to the previous year, matching the national average rate of change.

According to provincial officials, this declining trend marks the first such occurrence in 14 years.

This phenomenon is attributed to real estate market downturn due to interest rate hikes and others, as well as the government's "Real Estate Public Appraisal Price Realization Revision Plan," under which the 2023 realization rate was downwardly adjusted to the 2020 level (53.5%).

Individual house prices are calculated by comparing the characteristics of individual houses surveyed by each city and county with those of comparison standard houses, based on standard house prices announced by the Minister of Land, Infrastructure and Transport.

Therefore, if the public appraisal price of a house being held falls, the property value decreases, which eases the burden of property tax and comprehensive real estate tax.

Meanwhile, the highest individual house price was 16.5 billion won for a single-family home located in Bundang-gu, Seongnam City (total floor area of 3,049m²), and the lowest was 710,000 won for a single-family home in Yangpyeong County (total floor area of 18.75m²).

Individual house public appraisal prices can be viewed on the websites of each city, county, and district or through the Real Estate Public Appraisal Price Information System (www.realtyprice.kr), and direct visits to the civil affairs office of the relevant city, county, or district (eup, myeon, or dong) are also available for viewing.

Owners and interested parties who have objections to individual house prices can file objections by May 30 through in-person visits, fax, or mail to the civil affairs office (eup, myeon, or dong) of the city, county, or district where the house is located.

If adjustment is deemed necessary, revised prices will be announced on June 27.