The official land price of standard housing in Jeju fell by 5.13%. Jeju (-7.08%) was the second largest standard land price following Gyeongnam (-7.12%), which had the largest drop nationwide.
The Ministry of Land, Infrastructure and Transport announced on the 25th that as of January 1 of this year, the national standard detached house (standard house) and standard land announced prices were lowered by 5.95% and 5.92%, respectively, compared to last year.
It is the first time in 14 years since 2009 that the official price of standard detached houses and land has declined.
According to the Ministry of Land, Infrastructure and Transport, the official price of 250,000 standard housing units fell by an average of 5.95%. By region, Seoul fell the most with -8.55%, followed by Gyeonggi (-5.41%) and Jeju (-5.13%).
Jeju Island had the third largest drop in the nation.
The total officially announced land price for 560,000 standard sheets fell 5.92% compared to the previous year’s average.
The region with the largest decline was Gyeongnam, -7.12%. Jeju rose 9.84% last year, but fell 7.08% this year.
As the standard land price and officially assessed housing price fall, the real estate tax burden is expected to ease somewhat.
Announced prices of standard lots and standard housing can be checked on the website of ‘Real Estate Announced Price Alert’ (www.realtyprice.kr) and from January 25 at the City/Gun/Gu civil service office in charge of the standard lot and standard housing.
If you have an objection to the published price, you can submit the objection online through the ‘Public Real Estate Price Alert’ website by February 23 (Thursday) or through the civil affairs office of the city, county, and district office having jurisdiction over the standard real estate.
