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The appraised individual land price in South Korea surged 8.03 percent from the previous year, the fastest pace in 11 years.
According to the data released by the Ministry of Land, Infrastructure and Transport on Thursday, the total 3.35 million-square-meter individual land was valued at 5,519.2 trillion won ($4.6 trillion), up 8.03 percent from 5,098.2 trillion won a year ago. The average price of a one-square-meter land stood at 57,803 won.
The average individual land price per square meter was the highest in Seoul at 2.89 million won, up from 2.58 million won last year. Land in Gangwon Province fetched the lowest value among 17 cities and provinces across the nation at 7,838 won. The total appraised land price of Seoul reached 1,523.5 trillion won, compared with Sejong City at 46.5 trillion won.
About 44.8 percent or 15.01 million-square-meter land was priced at between 10,000 won and 100,000 won per square meter, with 30.6 percent or 10.27 million-square-meter land priced below 10,000 won and 24.6 percent or 8.25 million-square-meter land priced above 100,000 won.
The site of Nature Republic cosmetics store in Myeong-dong, central Seoul, was the most expensive land in the country at 183 million won per square meter, more than doubling from 91.3 million won last year. The site has retained the top spot since 2004.
The country¡¯s top ten most expensive land sites were all located in the central Seoul area, while the least expensive one was in Samcheok, Gangwon Province, which fetched 156 won per square meter.
By Kim Tae-joon and Choi Mira
[¨Ï Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]
