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Busan Metropolitan City Announces 2026 Officially Assessed Individual Land Prices… Average Increase of 1.99%

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Busan Metropolitan City (Acting Mayor Kim Kyung-duk) announced that it has determined and publicly disclosed the officially assessed individual land prices for 673,461 parcels across 16 districts and counties in Busan as of January 1, 2026, as of today (30th), with an average increase of 1.99% compared to the previous year.

Officially assessed individual land price refers to the price per unit area (KRW/㎡) of individual parcels within a jurisdiction, determined and publicly announced annually by the mayor, county head, or district head as of the official reference date, for use in imposing national and local taxes related to land and for other purposes stipulated by relevant laws.

Due to challenging economic conditions characterized by uncertainty in economic recovery and expectations of interest rate cuts, along with the government’s freeze on the real estate price realization rate, Busan’s land price fluctuation rate recorded an increase of 1.99%, which is lower than the national average fluctuation rate of 2.93%.

By region, Seoul rose by 4.90%, Gyeonggi by 2.84%, Daejeon by 1.87%, Ulsan by 1.83%, and Gyeongsangnam-do by 1.18%.

Among Busan’s districts and counties, Haeundae-gu (2.80%), Suyeong-gu (2.54%), Gangseo-gu (2.51%), Gijang-gun (2.22%), and Nam-gu (2.21%) recorded the highest rates of increase, while Jung-gu (-0.45%), Dong-gu (1.19%), and Sasang-gu (1.22%) showed the lowest rates.

The total land value in Busan reached KRW 361.9052 trillion, up KRW 8.0461 trillion from KRW 353.8590 trillion the previous year, representing a 2.27% increase year-on-year.

The highest officially assessed individual land price in Busan was recorded at 241-1 Bujeon-dong, Busanjin-gu (LG Uplus Seomyeon 1st Street Branch), at KRW 45.03 million per square meter, while the lowest was at San 82, Oryun-dong, Geumjeong-gu (forest land near Hoedong Reservoir), at KRW 1,060 per square meter.

Officially assessed individual land prices can be checked through the Real Estate Price Information Portal (www.realtyprice.kr). If there are objections, they may be submitted online via the portal or by submitting a written application to the relevant district or county office in charge of individual land prices from today (April 30) through May 29.

Submitted objections will be subject to reinvestigation to ensure fairness and accuracy, followed by verification by a certified appraiser and deliberation by the district or county Real Estate Price Disclosure Committee. Adjusted land prices will then be determined and publicly announced on June 26.