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Officially Assessed Land Price in Busan Rises by 1.93% Compared to Previous Year

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The Busan Metropolitan City Government (Mayor Park Heong-joon) announced on April 30 that it has finalized and released the officially assessed land prices for 679,418 individual land parcels in the 16 districts and counties of Busan as of January 1, 2025. The average land price rose slightly by 1.93% compared to the previous year.

Definition: The officially assessed land price refers to the price per square meter (KRW/㎡) determined and announced by the mayor, county head, or district head as of the official reference date each year. It is used for taxation purposes, including national and local taxes, and for various administrative needs stipulated by other laws.

Amid a challenging economic environment—including a stagnant real estate market, rising household debt, and the termination of the national land price normalization policy—the land price increase rate in Busan was 1.93%, lower than the national average of 2.72%.

By region:

• ●Seoul: +4.02%

• ●Daegu: +1.63%

• ●Incheon: +1.93%

• ●Gyeonggi Province: +2.93%

• ●Gyeongnam Province: +1.29%

Among Busan’s districts and counties, the highest increases were seen in:

• ●Gangseo-gu (+2.96%)

• ●Suyeong-gu (+2.70%)

• ●Haeundae-gu (+2.26%)

• ●Gijang-gun (+2.15%)

• ●Dongnae-gu (+2.01%)

The lowest change rates were recorded in:

• ●Jung-gu (+0.50%)

• ●Nam-gu (+1.09%)

• ●Dong-gu (+1.13%)

• ●Buk-gu (+1.17%)

The total officially assessed land value of Busan increased by KRW 6.0691 trillion from the previous year, from KRW 347.7899 trillion to KRW 353.859 trillion—an increase of 1.74%.

• ●The highest assessed land price in Busan is at 241-1 Bujeon-dong, Busanjin-gu (LG Uplus Seomyeon 1st Branch), at KRW 45.03 million per ㎡.

• ●The lowest is at San 80-2, Oryun-dong, Geumjeong-gu (forest land near Hoedong Water Source), at KRW 1,010 per ㎡.

Citizens can view the officially assessed land prices through the Real Estate Price Disclosure System or at the civil affairs office of their respective district or county office.

Those who wish to raise objections to the announced prices can do so from April 30 to May 29 by submitting an objection online via the same website or by submitting a written form to the relevant district or county land price department.

All submitted objections will be reinvestigated to ensure fairness and accuracy. The results will be reviewed and verified by certified appraisers and the district/county Land Price Review Committees. Final adjusted land prices will be officially announced on June 26.

Contact Information for Land Price Departments (Busan Land Information Division: +82-51-888-2612)

Jung-gu: Tel. 051-600-4156

Seo-gu: Tel.  051-240-4754

Dong-gu: Tel. 051-440-4762

Yeongdo-gu: Tel.  051-419-4785  

Busanjin-gu: Tel.  051-605-4752 

Dongnae-gu: Tel.  051-550-4755 

Nam-gu: Tel. 051-607-4752

Buk-gu: Tel. 051-309-4754

Haeundae-gu: Tel.  051-749-4752 

Saha-gu: Tel. 051-220-4755

Geumjeong-gu: Tel.  051-519-4752

Gangseo-gu: Tel.  051-970-4782 

Yeonje-gu: Tel.  051-665-4752 

Suyeong-gu: Tel.  051-610-4752

Sasang-gu: Tel.  051-310-4752

Gijang-gun: Tel.  051-709-4754