The nationwide standard single-family home announced price next year will increase by 1.96% compared to this year, and the standard land announced price will rise by 2.93%.
The Ministry of Land, Infrastructure and Transport noted that it will disclose the announced prices for standard land and standard houses based on January 1 of next year and will conduct owner review and opinion gathering procedures until January 7 of next year.
The announced prices for standard land and standard houses serve as the basis for calculating individual announced land prices and individual housing prices. The individual announced land prices and individual housing prices are calculated by the cities and counties based on the announced prices of standard land and standard houses.
The announced prices for next year apply the same market reflection rate as this year in accordance with the revised plan for the realistic pricing of the 2025 real estate price announcement reported to the Cabinet meeting last month.
The benchmark land used for price announcement is 600,000 out of 35.59 million parcels nationwide. The standard houses are targeted at 250,000 out of 4.08 million households across the country.
To enhance the accuracy of announced land prices, 20,000 additional parcels have been added compared to last year, and 4,000 standard houses have been replaced among those selected last year to secure representativeness.
The realistic pricing rates applied next year are 65.5% for standard land and 53.6% for standard houses, the same as in 2020.
Looking at the announced land prices by region, Seoul saw the largest increase at 3.92%. This was followed by Gyeonggi (2.78%), Daejeon (2.01%), Busan (1.84%), and Incheon (1.83%). The nationwide standard land announced price is 249,607 won per square meter, while in Seoul, it is 6,968,541 won.
The announced price for standard houses also rose the most in Seoul at 2.86%. Gyeonggi (2.44%), Incheon (1.7%), Gwangju (1.51%), and Sejong (1.43%) followed with notable fluctuations. The average price of nationwide standard single-family homes is 169.74 million won, while in Seoul it is 637.77 million won. In Seoul, the standard house price increase rates were highest in Yongsan District (3.7%), Gangnam District (3.53%), and Seongdong District (3.41%).