In the first half of this year, land prices increased by 1.05%. The area with the highest increase in land prices nationwide was Seoul's Gangnam District, representing the three Gangnam districts (Gangnam, Seocho, and Songpa), followed by Yongin's Cheoin District, where expectations for the creation of a semiconductor mega-cluster grew after being selected as a candidate site for a national industrial complex.
According to the report released on the 24th by the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board (REB), the national land price increased by 1.05% in the first half of this year. This is a decrease of 0.10 percentage points compared to the second half of last year (1.15%) and an increase of 0.06 percentage points compared to the same period last year (0.99%).
The land price fluctuation rate for the second quarter was 0.55%, which is 0.05 percentage points higher than the first quarter (0.50%) and the same as the previous year in the same period (0.55%).
Both the metropolitan area (1.49% → 1.40%) and provincial areas (0.58% → 0.44%) showed lower rates of change compared to the second half of last year. Two regions, Seoul (1.77% → 1.73%) and Gyeonggi (1.27% → 1.17%), exceeded the national average (1.05%).
Of the 252 cities, counties, and districts nationwide, the land price increase rate in Seoul's Gangnam District was the highest at 2.81%. Following were Seoul's Yongsan District at 2.61% and Yongin's Cheoin District at 2.37%, with a total of 47 cities and districts exceeding the national average.
An official from the Ministry of Land, Infrastructure and Transport noted, "National land prices have risen for 28 consecutive months since turning upward in March 2023 (0.008%), but the number of cities and districts that have recently turned downward has increased."
The volume of land transactions in the first half of the year was found to have decreased. The total land transaction volume (including land for buildings) was approximately 907,000 parcels (592.3 square kilometers), representing a decrease of 2.5% (23,000 parcels) compared to the same period last year and a 4.2% decrease (39,000 parcels) compared to the second half of last year.
The volume of pure land transactions, excluding land for buildings, was about 308,000 parcels (542.3 square kilometers), which is a decrease of 10.9% (38,000 parcels) compared to the same period last year and a decrease of 2.0% (6,000 parcels) compared to the second half of last year.
The total land transaction volume in the first half of the year increased in five cities and provinces, including Sejong (16.0%) and Ulsan (10.5%), while it decreased in 12 cities and provinces. The volume of pure land transactions increased in eight cities and provinces, including Gwangju (47.6%), Busan (13.8%), and Jeonnam (8.4%), while it decreased in nine other cities and provinces.