This year's officially assessed prices for apartments and other multifamily housing nationwide rose 9.13% from a year earlier. In Seoul, where home prices climbed sharply, the official price increase rate was 18.60%.
The Ministry of Land, Infrastructure and Transport said on the 29th it will publicly release on the 30th the officially assessed prices for 15.85 million multifamily homes, surveyed and calculated as of Jan. 1 this year. This year's nationwide multifamily housing official prices applied the same realization rate as last year (69%), reflecting only the increase in home prices.
The year-over-year change in last year's average officially assessed price fell 0.03 percentage point (p) from the draft prices released last month after hearing opinions from owners and others. By city and province, Seoul (-0.07%p), Jeju (-0.05%p), and Daejeon (+0.01%p) showed changes compared with the viewing period due to this price adjustment.
As a result of the Ministry of Land, Infrastructure and Transport (MOLIT) accepting viewing and opinions on the draft official prices for multifamily housing from owners, stakeholders, and local governments from the 18th of last month to the 6th of this month, 14,561 opinions were submitted. There were 10,166 in Seoul, 3,277 in Gyeonggi, and 257 in Busan, in that order. This is about 0.09% of the total multifamily housing stock.
Although the number of opinions submitted this year increased from a year earlier, it was still 70.64% lower than the 49,601 submissions in 2021, when the official change rate reached 19.05%.
For the opinions submitted, after the Korea Real Estate Board (REB) investigators' internal review, external expert examinations, and deliberations by the Central Real Estate Price Public Announcement Committee, the officially assessed prices for 1,903 cases deemed valid were adjusted. The reflection rate was 13.1%.
After checking the officially assessed prices for multifamily housing, if there is an objection, an objection form may be submitted by mail, fax, or in person to the "Official Real Estate Price Alimi" website, the Ministry of Land, Infrastructure and Transport (MOLIT), city/county/district offices, or the Korea Real Estate Board (REB) jurisdictional branch by the 29th of next month.
The Ministry of Land, Infrastructure and Transport (MOLIT) plans to conduct a reinvestigation of the objections received and notify the applicants of the results by June 26.