This year, residential property values in Seoul increased by more than 18%, resulting in a significant jump in reported prices, as complaints rose to more than twice the amount from last year.
As per information provided to Representative Lee Jong-wook from the People Power Party, who serves on the National Assembly’s Land, Infrastructure and Transport Committee, by the Ministry of Land, Infrastructure and Transport, the preliminary count for complaints about this year's public housing prices—which ended last month—reached 6,066 instances. This represents an increase of 2.5 times compared to last year, which had 2,451 reports. It marks the highest figure since 2021, when there were 14,200 cases reported, following a national average rise in public housing costs of 19.05%. Out of all these complaints, 4,379, or 72.2%, sought a decrease in pricing.
Previously, between March 18 and April 6, a total of 14,561 comments were collected regarding the suggested public pricing, marking the highest figure since 2021, which was 49,601 instances.
By January 1 of this year, average home prices across the country rose by 9.13%. In particular, Seoul saw the largest growth with an 18.6% rise, followed by Gyeonggi Province increasing by 6.37%, Sejong by 6.28%, Ulsan by 5.22%, and North Jeollas province by 4.32%.
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