(C) Creatrip
BUSAN – The Busan Metropolitan Government announced on Sunday that Seomyeon Dongbo Plaza in Bujeon-dong, Busanjin-gu, continues to hold the title of the most expensive plot of land in the city, based on the officially assessed land prices for 2026.
According to the city's report released on January 25, the appraised value of the 20,424 standard land parcels across Busan's 16 districts rose by an average of 1.92% compared to the previous year. While this indicates a steady appreciation, Busan's growth remains below the national average increase of 3.36%. Comparatively, Seoul saw the highest surge at 4.89%, followed by Gyeonggi Province at 2.71%.
The Gold Standard: Seomyeon vs. Oryun-dong
For another consecutive year, the highest and lowest-priced locations in Busan remained unchanged:
The Pinnacle: The site of Dongbo Plaza (165-2 Bujeon-dong, Busanjin-gu) was valued at 43.72 million KRW per square meter, cementing its status as the commercial heart of the city.
The Floor: Conversely, the lowest-priced land was identified as a plot in the restricted development zone of Oryun-dong, Geumjeong-gu (San 40), valued at just 1,090 KRW per square meter.
Regional Disparity and District Trends
The data revealed a clear divide in growth rates among Busan’s various districts. Five major districts outperformed the city’s average growth rate of 1.92%:
Haeundae-gu led the city with a 2.74% increase, driven by its status as a premium residential and tourism hub.
Suyeong-gu followed closely at 2.71%.
Gangseo-gu (2.58%), Dongrae-gu (2.28%), and Busanjin-gu (1.97%) also showed robust upward trends.
In contrast, 11 districts fell below the city average. Notably, Jung-gu (0.67%) and Saha-gu (0.80%) saw minimal growth, staying within the zero-percent range, reflecting a stagnation in older urban centers compared to the developing eastern and western corridors.
Public Access and Appeals
The standardized land price is a critical metric used as a benchmark for local taxes, various levies, and the assessment of individual land prices. Citizens can view the official figures via the "Real Estate Price Notification" website or at their respective district and county offices.
The city government has opened an objection period for landowners who disagree with the assessment. Appeals and formal objections can be submitted through the competent district offices until February 23rd.
[Copyright (c) Global Economic Times. All Rights Reserved.]
