The nationwide average of South Korea’s officially assessed prices for multi-family housing rose 9.13% from a year earlier, the Land Ministry said Tuesday, finalizing figures that affect property-related taxes.
The Ministry of Land, Infrastructure and Transport said it will publish the assessed prices on April 30 for 15.85 million households nationwide, calculated as of Jan. 1.
The final numbers reflect a public review and opinion-gathering period held from March 18 to April 6 for homeowners and local governments. The ministry said it readjusted prices in 1,903 cases where submitted opinions were deemed valid.
A total of 14,561 opinions were filed on this year’s assessed prices, more than triple last year’s 4,132, when the increase rate was lower. The figure, however, was below the 49,601 opinions filed in 2021, when the increase rate neared 19%.
Most submissions — 11,606 — asked for lower assessed prices, while 2,955 sought increases. By region, Seoul accounted for the most with 10,166 submissions, followed by Gyeonggi Province with 3,277 and Busan with 257. Requests for downward adjustments were concentrated in areas where assessed prices jumped sharply, including Seoul’s Gangnam area and neighborhoods along the Han River, amid concerns about higher property holding taxes.
After the review, the nationwide average increase was set at 9.13%, down 0.03 percentage points from the draft figure of 9.16%. Seoul posted the biggest rise at 18.60%, but that was trimmed by 0.07 percentage points from the draft. Gyeonggi’s increase was 6.37%, down 0.01 percentage points.
By housing type, apartments generated the most submissions with 11,887, followed by multi-unit homes with 2,281 and row houses with 393. The ministry said 13.1% of all opinions were reflected in the final prices.
The finalized assessed prices will be available starting April 30 on the “Real Estate Official Price” website or at the civil service office of the relevant city, county or district office. Objections may be filed through May 29, and the ministry said it will conduct a re-investigation and reply individually with results by June 26.
* This article has been translated by AI.
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