The Ministry of Land, Infrastructure and Transport announced on the 30th that it will disclose the publicly announced prices of apartments, based on a survey conducted as of January 1, for approximately 15.58 million households. The year-on-year change rate of the nationwide publicly announced prices of apartments is reported to be 3.65%, the same as the publicly announced price.
The Ministry of Land, Infrastructure and Transport conducted a review and feedback session regarding publicly announced prices of apartments to owners, stakeholders, and local governments from the 14th of last month to the 2nd of this month.
The number of submitted opinions decreased by 35% compared to the previous year, totaling 4,132 (3,245 increases and 887 decreases). This is the lowest level in the past five years. By region, Seoul had the most with 2,281, followed by Gyeonggi with 1,259 and Incheon with 321, while by type, multi-family houses accounted for 2,318, apartments for 1,497, and townhouses for 317.
Following an internal review by the Korea Real Estate Board, external expert assessments, and deliberations by the Central Real Estate Price Disclosure Committee, 1,079 publicly announced prices were adjusted after their validity was confirmed. The reflection rate is reported to be 26.1%.
The year-on-year change rate of the national average publicly announced price is the same as the initial review. However, four cities and provinces, including Busan (-0.01 percentage points), Gwangju (-0.01 percentage points), Ulsan (-0.01 percentage points), and Sejong (+0.01 percentage points), showed slight fluctuations compared to the review.
The publicly announced prices of apartments can be verified starting from the 30th through the 'Real Estate Public Price Notification' or at the civil service centers of the city, county, and district where the respective apartments are located. If there are objections to the publicly announced prices, objection forms can be submitted online via the 'Real Estate Public Price Notification,' to the Ministry of Land, Infrastructure and Transport, at the civil service centers of the city, county, and district, or to the Korea Real Estate Board (local branch) by mail, fax, or in person until the 29th of next month.
Regarding the received objection applications, the Korea Real Estate Board will conduct re-investigations, following reviews by appraisers, and aims to respond to the applicants with the results of the processing by mail and other means by June 26.