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Busan Announces Individual Housing Prices as of January 1, 2025

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Busan Metropolitan City announced today (April 30) the official assessed prices of 157,193 individual houses as of January 1, 2025.

The average change rate of individual housing prices in Busan was +1.47%, a slight increase from last year’s -0.42%.

All 16 districts and counties experienced an increase in prices.

Gijang-gun recorded the highest increase at +2.15%, followed by:

• ●Suyeong-gu: +1.94%

• ●Geumjeong-gu: +1.68%

• ●Dongnae-gu: +1.65%

Despite the overall stabilization of housing prices due to market polarization and economic slowdown, increases were observed in areas with growing demand such as Gijang-gun and Suyeong-gu, driven by inflation, zoning changes to commercial use, and development projects.

The standard housing price, announced on January 24, increased by 1.41%, and the individual housing prices were adjusted accordingly to a similar level.

The most expensive house in Busan is a single-family home located in Amnam-dong, Seo-gu, with an assessed price of 5.377 billion KRW.

The least expensive house is in U-dong, Haeundae-gu, with an assessed price of 1.26 million KRW.

The official prices can be checked on the Real Estate Price Notification website (www.realtyprice.kr).

If there are objections to the announced prices, owners or stakeholders may file a formal objection from April 30 to May 29 via the website or through the district/county tax office.

The district/county offices will reinvestigate the submitted objections by June 25, assess the appropriateness of the prices, and proceed with review by the Korea Real Estate Board and the Real Estate Price Disclosure Committee.

Final price adjustments will be announced on June 26.

These officially disclosed individual housing prices serve as the tax base for acquisition tax and property tax after the announcement date, and are also used in national tax assessments, such as comprehensive real estate tax and capital gains tax.

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Appendix – Reference Information on Announced Prices

Change Rate by District/County (Unit: %)

District/County	2025	2024	District/County	2025	2024
Busan (Standard)	1.41	-0.47	Buk-gu	1.14	-0.71
Individual Homes	1.47	-0.42	Haeundae-gu	1.11	-0.88
Jung-gu	1.12	-0.19	Saha-gu	1.11	-0.56
Seo-gu	1.21	-0.35	Geumjeong-gu	1.68	-0.28
Dong-gu	1.24	-0.21	Gangseo-gu	1.57	-0.52
Yeongdo-gu	0.96	-0.25	Yeonje-gu	1.64	-0.68
Busanjin-gu	1.20	-0.44	Suyeong-gu	1.94	-0.46
Dongnae-gu	1.65	-0.53	Sasang-gu	1.57	-0.43
Nam-gu	1.17	-0.53	Gijang-gun	2.15	+0.48

Highest and Lowest Priced Individual Houses

Type	Location	Assessed Price (KRW)	Area (㎡)	Zoning	Main Use
Highest	125-1 Amnam-dong, Seo-gu	5,377,000,000	1,644.72	Commercial	Detached
Lowest	246 U-dong, Haeundae-gu	1,260,000	16.53	Residential	Detached

Unit: KRW (in thousands), Area: m²