The basic construction cost applied to dwellings under the housing price ceiling system will rise by 1.61%.
The Ministry of Land, Infrastructure and Transport noted on the 28th that it will officially announce the basic construction cost applied to dwellings under the housing price ceiling system on the 1st of next month.
The basic construction cost is one of the components that constitute the housing price ceiling applied to dwellings (land cost + basic construction cost + land addition cost + construction addition cost) and is officially announced every six months (March 1 and September 15 each year).
This announcement will reflect the increase in basic construction costs (for buildings between 16 and 25 floors, with a standard area of 60 to 85㎡) due to indirect construction costs, labor costs, and other factors, rising by 1.61% from 210,600 won per square meter in the previous announcement to 214,000 won.
The revised announcement will apply from the 1st of next month to complexes that apply for approval to recruit residents. The actual sale price will be determined by comprehensively considering the possibility of sale within the price ceiling based on the basic construction cost and the surrounding market prices.
The Ministry of Land, Infrastructure and Transport plans to adequately supply quality dwellings to support the residential stability of actual housing demanders by reflecting factors that affect construction costs in a timely manner through this regular announcement of the basic construction cost.