Last year, the national land price rose by 2.15%. After a decrease in the rate of increase since 2021, the land price rebounded last year. The area with the highest rise in land prices nationwide is Yongin's Cheoin District, where the 'semiconductor mega-cluster' is being established.
According to the '2024 Annual Land Price Variation Rate and Land Transaction Volume' announced on the 23rd by the Ministry of Land, Infrastructure and Transport and Korea Real Estate Board, the national land price was found to have increased by 2.15% last year.
The national land price rose by 4.17% in 2021, followed by consecutive decreases to 2.73% in 2022 and 0.82% in 2023. However, last year, the land price increase rate rebounded, recording a rate in the 2% range. Nevertheless, this increase rate is 1.91 percentage points lower than the recent five-year average of 3.06%.
Last year's land price variation rates were 2.77% in the capital region and 1.10% in rural areas, indicating a higher rate of increase in the capital region. In particular, the land price variation rates in Seoul and Gyeonggi were recorded at 3.10% and 2.55%, respectively. In contrast, Jeju experienced a drop in land prices by 0.58%, becoming the only area in the country to see a decline in land prices for two consecutive years after 2023.
Among the 250 cities and counties across the country, Yongin's Cheoin District, where the national semiconductor industrial complex is being established and new housing land is being developed, had the highest land price increase rate of 5.87%. Cheoin's land price also showed the highest increase rate in the nation the previous year at 6.66%, making it the area with the greatest rise in land prices for two consecutive years. Following behind were Gangnam District in Seoul (5.23%) and Sujeong District in Seongnam (4.92%), which also saw significant increases in land prices.
Last year, the volume of land transactions also increased. The total land transaction volume (including land attached to buildings) last year was approximately 1,876,000 plots (1,236.3 km²), which is an increase of 2.7% from the previous year. However, the pure land transaction volume, excluding land attached to buildings, was about 661,000 plots (1,125.9 km²), showing a decrease of 7.0% compared to the previous year. This decrease in pure land transaction volume has continued for three years since 2022.
The overall land transaction volume last year increased in Ulsan (18.4%), Seoul (12.3%), Gyeonggi (6.1%), and Daegu (5.5%). In contrast, Gwangju (-9.3%), Jeju (-6.2%), and Busan (-3.0%) experienced declines in land transaction volume.
The pure land transaction volume increased only in Seoul (22.1%), Daejeon (11.0%), Daegu (5.9%), and Sejong (5.9%). In the remaining 13 provinces and cities, such as Gwangju (-24.3%) and Jeju (-15.5%), the transaction volume decreased.