The area with the highest land price in Seoul is identified as the Nature Republic site in Chungmuro 1-ga, Jung-gu. This location has been selected as the most expensive for 22 consecutive years since 2004.

The Seoul Metropolitan Government announced on the 30th that it has determined and disclosed the official land prices as of January 1 of this year.

The site of Nature Republic in Myeongdong (Myeongdong World Store) has been investigated as the most expensive land in the country. It has held the top spot for 22 consecutive years. According to the Ministry of Land, Infrastructure and Transport's '2025 Standard Land and Standard Housing Public Price (Draft),' the public price per square meter of the Myeongdong Nature Republic site is 18.05 million won, which is a 2.9% (5.1 million won) increase from last year (17.54 million won). On Dec. 18, citizens are passing in front of Nature Republic in Myeongdong, Jung-gu, Seoul. 2024.12.18/Courtesy of News1

This year's individual official land price increased by an average of 4.02% compared to last year. All 25 districts in Seoul saw an increase in official land prices. Five districts had increases above the average fluctuation rate of Seoul. Gangnam District saw the highest rise at 5.47%. Following that were ▲Yongsan District (5.21%) ▲Seongdong District (4.82%) ▲Seocho District (4.81%) ▲Songpa District (4.05%).

The area with the highest official land price in Seoul is the Nature Republic site in Myeongdong. It recorded 180.5 million won per square meter and 595.65 million won per 3.3 square meters. This site has been surveyed as the most expensive land for 22 consecutive years since 2004.

On the other hand, the area with the lowest land price is San 30 (natural forest) in Dobong District, which was surveyed at 6,730 won per square meter and 22,209 won per 3.3 square meters. The individual official land prices can be checked by entering the land location on the Seoul real estate information plaza or the official land price notification system.

If there are objections to the official land prices, an objection application must be submitted online via the official land price notification system by May 29, or it can be submitted by mail, fax, or in person at the relevant district office or community center. A re-investigation will be conducted regarding the disputed land, and the adjustments and disclosures will occur on June 26 after verification by appraisers and review by the district real estate price disclosure committee.

Cho Nam-jun, head of the Urban Space Headquarters of Seoul, noted, "Individual official land prices serve as the basis for various taxes and burdens and are closely related to citizens' property rights, and we will continue to promote improvements to ensure fair and balanced assessments of official land prices."