Seoul, South Korea – The South Korean government announced on Tuesday that the public assessment values for standard single-family homes and land will increase by 1.96% and 2.93%, respectively, in 2025. This adjustment is in line with the government's revised real estate price assessment plan for 2025, which maintains the same market reflection rate as this year.
As a result, the public assessment values for 2025 will apply a 53.6% reality rate for standard homes and 65.5% for standard land, both of which are equivalent to the 2020 levels.
The Ministry of Land, Infrastructure, and Transport unveiled these figures and initiated a public comment period for property owners.
A total of 600,000 parcels out of 35.35 million nationwide and 250,000 standard single-family homes out of 4.08 million will be subject to the new assessment. To enhance accuracy, the government has added 20,000 more parcels and replaced 4,000 standard homes due to factors such as demolition, change of use, or development projects.
Regional Variations
The nationwide average increase for standard single-family homes is 1.96%. Seoul saw the highest increase at 2.86%, followed by Gyeonggi-do (2.44%) and Incheon (1.70%). Other regions with notable increases include Gwangju (1.51%), Sejong (1.43%), Busan (1.41%), and Jeonnam (1.39%). Jeju was the only region to experience a decrease in public assessment values for standard homes at -0.49%.
In Seoul, high-priced homes in districts like Yongsan-gu (3.7%), Gangnam-gu (3.53%), Seongdong-gu (3.41%), and Seocho-gu (3.07%) showed significant increases. However, half of Seoul's 25 districts saw increases below the city's average. Guro-gu and Geumcheon-gu had the lowest increases at 1.86% each.
Land Values
The public assessment value for standard land rose by 2.93% nationwide. Seoul recorded the highest increase at 3.92%, followed by Gyeonggi-do (2.78%), Daejeon (2.01%), Busan (1.84%), and Incheon (1.83%). Jeju was the only region to experience a decrease in land values at -0.26%.
In terms of land use, commercial land saw the highest increase at 3.16%, followed by residential (3.05%), industrial (1.95%), agricultural (1.86%), and forest land (1.62%).
Public Comment Period
The public can review the proposed assessment values from December 19th on the Real Estate Public Assessment Information website and at local government offices. The comment period will last until January 7th, 2025. After a review by the Central Real Estate Price Assessment Committee, the final assessment values will be announced on January 24th, 2025.
[Copyright (c) Global Economic Times. All Rights Reserved.]
