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Land prices rise at slowest pace in 6 years in 2022 amid anemic trading

13:21 January 26, 2023

SEOUL, Jan. 26 (Yonhap) -- Land prices in South Korea grew at the slowest clip in six years in 2022 as transactions tanked amid high interest rates, data showed Thursday.

Land prices in Asia's fourth-largest economy rose 2.73 percent on-year last year, down from a 4.17 increase a year earlier, according to the Ministry of Land, Infrastructure and Transport.

It represented the lowest on-year growth rate since 2016.

Land prices in Seoul and the adjacent Gyeonggi Province increased 3.03 percent in 2022 from a year earlier, lower than the 4.78 percent gain in 2021.

Growth of land prices in the rest of the country also slowed to 2.24 percent from 3.17 percent over the cited period.

The administrative capital of Sejong, central South Korea, posted the biggest growth rate of 3.25 percent. Land prices in Seoul advanced 3.06 percent, with those in Busan, South Korea's second-largest city on the southeast coast, rising 2.75 percent.

Meanwhile, the area of land traded across the nation plunged 33 percent on-year to 1,795.4 square kilometers last year, the lowest figure in 10 years, according to the data.

Land and other property transactions in South Korea remained in the doldrums last year. Since August 2021, the Bank of Korea has conducted seven rate hikes to tame inflation, with the country's benchmark interest rate reaching 3.5 percent.


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