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Official Land Values Increase More than 9% This Year

Write: 2019-02-12 16:12:06Update: 2019-02-12 19:28:07

Official Land Values Increase More than 9% This Year

Photo : KBS News

The official land values of standard lots across South Korea have increased an average of more than nine percent this year.

Standard lots refer to 500-thousand lots out of the total 33 million nationwide subject to the government's public notice that are used as the barometer for price assessment and appraisal of individual lots.

According to the Land Ministry on Tuesday, the value of standard lots increased on average nine-point-42 percent this year, up three-point-four percentage points from last year.

It is also the largest jump since prices rose nine-point-63 percent in 2008.

The increase rate was higher than the nationwide average in Seoul, Gwangju, Busan and Jeju, with Seoul topping the list with an increase rate of 13-point-87 percent.

The site of the Nature Republic store in Seoul's Myeong-dong district remained the most expensive land in the country for the 16th consecutive year, priced at 183 million won per square meter.

The ministry said the latest price adjustments were made in consideration of the type of land, region and improving the equity of land prices.

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