Publicly noticed housing prices up by 3.1% from previous year
- Single-family detached houses up by 3.96% -
□ The Ministry of Land, Infrastructure and Transport on April 30th announces prices of 11.62 million public houses as of Jan. 1st this year so that they are used tax reference material and material for welfare polices.
□ Publicly noticed prices of public houses rose by a national average of 3.1% from the previous year, due to the 2014 housing market situation, the government's real estate polices and low interest rates.
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< Housing market in 2014 >
ㅇ In 2014, housing sales increased and the rate of sales increased fast thanks to government polices, low interest rates and rose in lump-sum deposit on rental houses.
- In 2014, 516,000 houses were licensed, up 17% from 2013 (441,000), while unsold houses amounted to 40,000 as of the end of 2014, down from 61,000 at the end of 2013
- Housing sales recorded 1 million, 18% up from 2013(852,000), while the apartment transaction real prices index up 5.4% from the previous year(‘13.12: 143.8, ’14.12: 151.5)
⇒ As a result of last year's activities to normalize real estate regulations that were adopted during overheated market periods, the prices of public houses in the capital began to rise (‘14 -0.7%→’15 2.5%), while transaction volumes also increased.
* Normalize LTV, DTI regulations, improve the subscription system, simplify the complex housing supply system, increase the supply of didimdol mortgage*, improve regulations on reconstruction․redevelopment, etc. * low-interest mortgage for low-income or no housing ownership households * |
ㅇ In 2014, KB price index up by 2.4%, while the housing trend index (KoreAppraisal Board) up by 2.7% for apartment buildings, among public houses,
- As a result, the 2015 publicly noticed prices of apartment buildings rose by 3.1%.
□ The capital area rose by 2.5%, metropolitan cities(excluding Incheon) by 5.1%, cities․guns (excluding capital․metropolitan cities) by 3.6% respectively ,
ㅇ Due to government polices, housing prices in the capital area rose fromtheprevious year's down and while metropolitan cities, cities and gunsrose,backed by development movements.
ㅇ Among cities and guns in the capital area, Incheon showed the greatest increase, at 3.1%, followed by Gyeonggi 2.5% and Seoul 2.4%, and 15 cities and dos outside the capital area, with Deagu at 12.0%, followed by Jeju 9.4%, Gyeongbuk 7.7% while Sejong (-0.6%), Jeonbuk(-0.4%) dropped.
□ Among 252 cities, the prices of guns and gus all over the country, 231 areas rose, while 18 areas dropped and 3 showed no change,
ㅇ Daegu susung-gu showed the greatest increase, up by 17.1%, while Hongsung-gun in Chungnam the greatest drop, down by 3.9%.
□ Houses worth less than 200 million won rose by 2.7%~3.6%, over 200 million up by 2.5%~3.1%, while houses with the residential floor area which is not more than 85㎡ up by 2.8%~4.0%, more than 85㎡ up by 1.4%~2.8%.
□ Noticeable patterns of 2015 publicly noticed housing prices are the followings:
ㅇ Prices of houses in both the capital and provincial areas rose together, while prices of houses of small, midium and large sizes as well as worthy less than 200 million and more that 200 million showed rises.
□ The publicly noticed housing prices are available from April 30th to June 1st on the MOLIT official website or public service centers of municipal, gun or gu offices.
ㅇ Those with any objection to the prices or legally interested persons can submit a statement of objections by mail, fax and etc. to the public service centers of municipal·gun·gu offices or the headquarters and branches of Korea Appraisal Board.
Attached: 1. Reference to the 2015 publicly noticed prices of public houses.
2. Reference to the 2015 publicly noticed prices of single-family detached houses.
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