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Gov’t-assessed Housing Prices Fall 4.5 Pct.

Posted March. 06, 2009 05:36,   


The list prices of housing units including apartments and row and multi-generational houses have fallen this year for the first time since the government-assessed property standard was introduced in 2005.

The Land, Transport and Maritime Affairs Ministry said yesterday that the government-assessed prices of 9.67 million housing units fell 4.5 percent on average. The average price soared 16.2 percent in 2006 and 22.7 percent in 2007 but slowed to 2.4 percent last year.

The price is a standard for levying property and comprehensive real estate taxes.

Regions showing a price decline included Gyeonggi Province (7.4 percent), Seoul (6.1 percent) and Daegu (5.7 percent). Areas with development plans saw growth in the average price, including Incheon (5.7 percent), North Jeolla Province (4.3 percent) and South Jeolla Province (3.2 percent).

In Gyeonggi Province, large drops in the average price were seen in Gwacheon (21.5 percent); the Bundang ward of Seongnam (20.6 percent); the Suji ward of Yongin (18.7 percent); the Songpa and Yangcheon wards of Seoul (14.9 percent each).

Areas seeing a large rise included Uijeongbu (21.6 percent), Dongducheon (21.5 percent) and the Dong ward of Incheon (19.8 percent).

The government-assessed prices of expensive houses fell significantly. The price for a house exceeding 900 million won (575,450 U.S. dollars) dropped 13.3 percent.

That of a house between 600 million (383,630 dollars) to 900 million won fell 14.6 percent.

The price of a house below 200 million won (127,880 dollars) rose 1.3 to 2.9 percent.

The prices are interim assessments, and after receiving homeowners’ complaints, the readjusted official prices will be announced April 30.