As of January 1, 2021, the Ministry of Land, Infrastructure and Transport will conduct the procedure for viewing and hearing opinions from owners on the published land price (draft) of 520,000 standard parcels for 20 days from Thursday, December 24 to Tuesday, January 12 next year.
Standard land is the basis for calculating the individual publicly announced land price (33.46 million parcels), and the individual publicly announced land price is calculated by Si/Gun/Gu using the officially announced land price (draft) and the ratification table.
The standard land for price disclosure in 2021 was selected as 520,000 from the 3,988,000 land subject to public disclosure, which is an increase of 20,000 from this year to improve the distribution of the standard land by use area.
In accordance with the’Real Estate Price Disclosure Act’, a total of 1,180 appraisers participated in 66 appraisal firms and appraisal offices.
The published land price (proposal) for standard land was calculated by applying the actualization rate according to the’Real Estate Listed Price Realization Plan’ announced on November 3, based on the market price survey by appraisers.
As a result, the rate of change in the published land price (draft) of standard land in 2021 was surveyed to be 10.37% nationwide.
By city and province, Sejong 12.38%, Seoul 11.41%, Gwangju 11.39%, Busan 11.08%, Daegu 10.92%, etc. In the case of Seoul, the fluctuation range increased by 3.5%p from this year, but is 2.4%p lower than last year. .
Rate of change in publicly announced land prices by city and province (Data = Ministry of Land, Infrastructure and Transport)
By use situation, residential 11.08%, commercial 10.14%, agricultural land 9.24%, forest land 8.46%, industrial use 7.56%. In the case of commercial land, the increase was larger than this year, but it is 2.2%p lower than last year.
The realization rate of the published land price (draft) on standard land is 68.4%, which is expected to increase by 2.9%p compared to this year (65.5%), similar to the target 68.6% according to the actualization plan.
For reference, the property tax rate on land is lower than that of housing, so the change in property tax amount due to changes in the officially announced land price is not expected to be significant.
The publicly announced land price (draft) of standard land is expected to be decided and disclosed on Monday, February 1, next year after hearing opinions from owners and local governments, and deliberation by the Central Real Estate Price Disclosure Committee.
From this year, in accordance with the revised’Enforcement Decree of the Real Estate Disclosure Act’, the publicly announced land price (draft) for hearing opinions will be individually notified to all joint owners, and the opinions of not only the heads of the Si/Gun/Gu, but also the competent mayor/do governors will be heard. It plans to strengthen listening to opinions about the company.
The published land price (proposal) can be viewed from 0:00 on the 24th of today on the website of the Published Real Estate Price Alert, and from the 24th of today to Tuesday, January 12th of next year at the civil petition office of the city/county/gu office where the standard land is located.
If there is an opinion, the opinion can be submitted online at the’Real Estate Public Price Alert’ site by Tuesday, January 12 next year, or it can be submitted in writing to the appraisal officer in charge of the relevant standard site or the Civil Affairs Office of Si/Gun/Gu.