[서울신문] The’Myeongdang’ where the house and land cost the most is here!

Sejong 12.38% up… This year’s rate of increase has exceeded 2 times
National average of 10.37%… Gangwon Yanggu 19.86%
Gangnam area, such as the Hyundai Motor Company building site

A panoramic view of the Nature Republic building in Jung-gu, Seoul on the 23rd. The publicly announced land price of this site is 26.5 million won per square meter, which has been evaluated as the most expensive land in the country for 18 years.
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▲ The most expensive land in 18 years
A panoramic view of the Nature Republic building in Jung-gu, Seoul on the 23rd. The publicly announced land price of this site is 26.5 million won per square meter, which has been evaluated as the most expensive land in the country for 18 years.
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Following the house price, the nationwide land price has also increased significantly. The Ministry of Land, Infrastructure and Transport announced on the 23rd that as of January 1 of next year, land prices on standard land in the country rose on average by 10.37%. In particular, Sejong City, which has the highest rate of increase in house prices nationwide, also ranked first in the rate of land price increase.

Since the officially announced land price of 520,000 standard parcels is the basis for calculating the individual publicly announced land price (3346 million parcels), the individual publicly announced land prices are also expected to show similar growth rates. Sejong (12.38%) saw the largest increase in land prices, followed by Seoul (11.41%), Gwangju (11.39%), Busan (11.08%), and Daegu (10.92%).

The rate of increase in land prices in Sejong has more than doubled this year’s increase rate (5.05%). This is analyzed because the governmental capital issues such as the ruling party’s move to relocate to Sejong City and the end of the relocation of government ministries emerged. The effect of a win-win increase due to the increase in house prices was also reflected. According to the Korea Real Estate Agency, the rate of increase in apartment prices in Sejong recorded 43.6% as of the end of last month, 7 times higher than the national average rate (6.15%).

Among the basic local governments, the land price in Yanggu-gun, Gangwon-do rose 19.86%, ranking the first in the nationwide increase rate. Following this, land prices in Gyeongbuk Gunwi (15.69%), Gangnam-gu, Seoul (13.83%), and Suseong-gu, Daegu (13.82%) rose a lot. In Seoul, the rise in land prices in the Gangnam area was noticeable. Gangnam-gu land prices rose 13.83% to the top, followed by Seocho (12.63%), Yeongdeungpo (12.49%), and Songpa-gu (11.84%).

By land category, residential use rose 11.08%, showing the largest increase. It is analyzed that the increase in land price due to the increase in house price is reflected. The most expensive land is the Nature Republic site in Chungmuro ​​1-ga, Jung-gu, Seoul, where the publicly announced land price per square meter exceeded 200 million won, keeping the No. 1 position for 18 years. In Gangnam, the site of the Samsung-dong Global Business Center (GBC), which is the planned new headquarters of Hyundai Motor Group, jumped 13.8% from 65 million won to 73.95 million won per square meter.

The rate of realization of the officially announced land price on standard land is 68.4%, which is expected to increase by 2.9 percentage points from this year (65.5%). Since the property tax rate on land is lower than that of housing, the change in property tax amount due to changes in the publicly announced land price is not expected to be significant. The tax rate is 0.07% of farmland (separate taxation), 0.2% of factory land (separate taxation), and 0.2~0.4% (separate summation) of market land is applied.

The published land price of the standard land can be viewed at the official realty price notification site (www.realtyprice.kr) and the civil petition office of the city/gun/gu office where the standard land is located.

Sejong, Senior Reporter Ryu Chan-hee [email protected]