A hazy view of apartments in downtown Seoul seen from Namsan Mountain in Seoul. Reporter Kwon Do-hyun
This year, individual publicly announced land prices in Seoul fell 5.56% from last year, turning to a downward trend for the first time in 14 years. It is a reversal of the high growth trend that has been around 10% for the past four years. Jung-gu and Nowon-gu showed the greatest decline.
The Seoul Metropolitan Government announced on the 28th that it would determine and publicize the officially announced land prices for 866,912 individual lots as of January 1 of this year, and receive objections until the 30th of the following month.
In 2023, the total individual official land price in Seoul fell by 5.56% compared to 2022. After 2019, which recorded the largest increase (12.35%) in the past 10 years (2013-2022), the increase in land prices, which soared around 10% annually, such as 8.25% in 2020 and 11.54% each in 2021 and 2022, has broken down.
It is the first time since 2009 (minus 2.14%) that individual publicly announced land prices in Seoul fell.
In particular, 98.2% (851,616 lots) of land prices have declined among all lots. The increase in land price was only 1.4% (12,095 lots). The official land price is the same as last year (1475 lots) and the newly surveyed land (1726 lots) are 0.2% each.
Changes in the rate of change of individually publicly announced land prices in Seoul. Provided by Seoul Metropolitan Government
This downward trend seems to be due to the impact of interest rate hikes and government policies on overall real estate prices. The Seoul Metropolitan Government explained that the lower realization rate was also a factor in accordance with the government’s plan to revise the official price realization.
By district, official land prices in Jung-gu and Guro-gu fell 6.42 percent each, recording the largest drop. Nowon-gu fell 6.41%, followed by Jungnang-gu 6.36%.
Gangnam District 3 also showed a decline of around 5%. Gangnam-gu fell by 4.79%, Seocho-gu by 5.08%, and Songpa-gu by 5.53%. Seongdong-gu, where the official land price rose 14.57 percent year-on-year last year and recorded the highest among the 25 districts, saw the least decline (4.6 percent) this year in Seoul.
The most expensive land in Seoul is the commercial land where Nature Republic’s Myeongdong World branch (24-2 Chungmuro 1-ga, Jung-gu), which has been recording the highest price ever since 2004, is located. The land right in front of Myeongdong Station on Subway Line 4 recorded 174.1 million won per square meter this year. Compared to last year, it fell by 14.9 million won per square meter. Following last year, the highest price among residential areas is Seocho-gu Acro River Park (Banpo-dong 2-12), with an official land price of 27.8 million won per square meter. The lowest land price is 6,710 won per square meter in San 30 (natural forest), Dobong-dong, Dobong-gu.
The individual publicly announced land price becomes the standard for various charges such as land-related national and local taxes and development charges. Seoul Real Estate Information Plaza website ( all in one convenient Seoul real estate information inquiry system ( You can search by entering the location of the land.
Objections to the land price can be submitted by the 30th of the following month in writing, mail, or fax to the integrated real estate civil application website (or to the autonomous district/dong community service center). It is scheduled to be adjusted and announced on June 27 after deliberation by the Real Estate Price Disclosure Committee of the district and autonomous district.
Cho Nam-joon, director of the Urban Planning Bureau of the Seoul Metropolitan Government, said, “The individual publicly announced land prices determined and announced this year will be used as standard data for various taxes and charges.” said.
2023-04-27 21:00:00
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