(Maekyung DB)
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In the first quarter, the nationwide land price rose by 0.9% … Transaction volume decreased significantly

(Maekyung DB)

The Ministry of Land, Infrastructure and Transport and the Korea Real Estate Agency announced on the 22nd that the national land price increase rate recorded 0.91% in the first quarter of this year. This is a decrease of 0.12 percentage points (p) from the previous quarter, which was 1.03%, and a decrease of 0.05 percentage points from the first quarter of last year (0.96%).

The increase in both the metropolitan area (1.17% → 1.01%) and the provinces (0.78% → 0.72%) decreased compared to the previous quarter. In the metropolitan area, the overall increase decreased from 1.28% → 1.08% in Seoul, 1.06% → 0.96% in Gyeonggi, and 1.06% → 0.90% in Incheon. In the provinces, the increase rate of Sejong (1.31%) and Daejeon (1.01%) was higher than the national average. However, Busan (0.91%) was the same as the national average.

Among metropolitan cities and provinces across the country, the rate of change increased from the previous quarter in two places: Ulsan (0.59% → 0.69%) and Gyeongbuk (0.49% → 0.53%). The increase rate by use area was found to be 0.97% for residential area, 0.95% for commercial area, 0.8% for green area, 0.8% for planning management, 0.68% for agriculture and forestry, and 0.63% for production management.

In the first quarter, land transaction volume including land attached to buildings was about 618,000 lots (476.6 km2), down 19.3% from the previous quarter and 26.9% from the first quarter of last year. The net transaction volume of land excluding land attached to buildings was about 264,000 lots (444.3 km2), down 17.6% from the previous quarter and 16.4% from the same period last year.

By city/province Compared to the fourth quarter of last year, the land transaction volume in the first quarter of this year decreased in 16 cities and provinces, including Gangwon (-32.7%), Gwangju (-32.2%), and Daejeon (-31.6%). Jeonbuk alone increased by 2.5%. In terms of pure land transaction volume, 16 cities and provinces, including Gwangju (-47.0%), Gangwon (-26.1%) and Incheon (-24.3%), increased only Sejong by 4.7%.

An official from the Ministry of Land, Infrastructure and Transport said, “We plan to actively respond to abnormalities by closely monitoring changes in land prices and land transaction volume in the future.”

[황지수 인턴기자]

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Reference-www.mk.co.kr

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