[김동은 기자]
200 million won land price per square meter in Myeong-dong… Up to 38% of ownership tax rises even in the worst vacancy
Ministry of Land, Infrastructure, and Transport to raise publicly announced land prices for standard land in 2021
All of the top 10 commercial districts in Myeongdong
GBC holding tax jumped 19% to 56.4 billion
Lotte Tower 11% up 41.7 billion won
Vacancy, but tax increases by hundreds of millions of dollars
“Disclosure of tax bomb required for public announcement”
The ‘2021 standard land publicly announced land price’, which is the standard for land ownership tax, has risen significantly compared to the previous year. In particular, the increase in the public announcement price of commercial sites where shopping malls are located is expected to increase the burden on businesses suffering from Corona 19.
According to the Ministry of Land, Infrastructure and Transport on the 23rd, the increase in the public announcement price of standard lands by metropolitan provinces was the largest at 12.38% in Sejong, where the rumors of the relocation of the National Assembly Building. Seoul followed by 11.41%, and major metropolitan cities such as Gwangju (11.39%), Busan (11.08%), Daegu (10.92%), and Daejeon (10.48%) are expected to increase by double digits from the previous year. By city, county, and district, Yangyang-gun, Gangwon-do recorded 19.86%, the highest rate of increase in publicly announced land prices in the country. It is analyzed that this is because surfing culture has spread, transportation has improved, and pension development has been active.
As the publicly announced land price of standard land surged in 2021, the rate of actualization of the published price compared to the actual transaction price was 68.4%, a 2.9 percentage point higher than this year (65.5%). This is almost the same number as the 2021 realization rate (68.6%) of land shown in the roadmap for realization of published prices announced by the government last month. Real estate market officials believe that the government has sharply raised the published land price in 2021 to meet the list price realization rate roadmap.
Meanwhile, Myeong-dong commercial district in Jung-gu, Seoul occupied all of the top 10 lands with high price per unit area. In particular, for the 18th year, the public price of the land (169.3㎡) of the Nature Republic Myeongdong World Branch in Myeong-dong, the most expensive land in the country, is tentatively determined at 26.5 million won per ㎡, opening the era of 200 million won for the first time. The second place was Myeongdong 2-ga Woori Bank site (392.4㎡), with the official price of next year rising by 3.65% from this year to KRW 199 million, reaching KRW 200 million. The third-largest land price, the Chungmuro 2-ga clothing store’UNIQLO’ (300.1㎡), rose 2.69% from 184 million won to 191 million won per ㎡.
In the case of ultra-high-priced land, the rate of increase in public prices for next year was only 2~3%, but the increase rate of ownership tax is expected to reach 20~30%. The number of foreign tourists sharply declined due to Corona 19, and Myeongdong shopping districts are recording the worst vacancy rate ever, but the tax should be paid more than this year. As a result of estimating the ownership tax in 2021 of the top 10 parcels nationwide, Maeil Economics commissioned Woo Byung-tak, head of Shinhan Bank’s Real Estate Investment Advisory Center, to estimate the ownership tax in 2021. It is required to pay 636 million won in ownership tax. The land price, which was 75.3 billion won this year, has risen by 3.65% to 78 billion won next year, but the rate of tax increase is 10 times that of the publicly announced price. The official land price for the site of the Nature Republic Myeongdong World branch in Myeong-dong for next year will rise 3.77% from KRW 199 million this year, not even half of the previous year’s increase (8.74%), but the ownership tax next year is expected to increase by 27.15% to 231 million KRW. The ownership tax was calculated assuming that the owner owned only the land.
In Gangnam, the site of the Global Business Center (GBC) in Samseong-dong, Gangnam-gu, which is the planned site of Hyundai Motor Group’s new office building, will increase by 13.77% from 65 million won to 73.95 million won per square meter. Accordingly, the holding tax for next year is 56.4 billion won, a 19% jump from the previous year. GBC land was not in the top 10 land prices, but the rate of increase exceeded the national average (10.4%). The site of the 2nd Lotte World Mall in Shincheon-dong, Songpa-gu, where the tallest building in Korea is located (87.83m2), the public price rose 6.0% from 47 million won to 49.8 million won per m2, and the ownership tax rises 10.8% from 37.6 billion won to 41.7 billion won.
The owner of a shopping mall in Myeong-dong said, “Even though there is no rental at all due to vacancy, tax alone has increased by 100 million won in a year.” Regarding this, Shim Gyo-eon, a professor at Konkuk University’s Department of Real Estate, said, “Under the influence of Corona 19, many countries around the world are deferred so that they can pay less or late, but Korea is taking more taxes.” “If the vacancy problem is not resolved in the short term, tax “There will be a need to come up with measures such as deferring them.”
The Ministry of Land, Infrastructure and Transport said, “As a result of self-simulation, the property tax of the owner of a 76㎡ store located in the A market in Seoul will increase by 150,000 won (4.7%) from 3.19 million won this year to 3.34 million won next year.” The publicly announced land price of the standard land can be viewed from 0 o’clock on the 24th on the advertised real estate price notification site, and it will be decided and disclosed on February 1 of next year after listening to the owner’s opinion.
[김동은 기자 / 권한울 기자 / 유준호 기자]
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