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Land prices in the Saemangeum Free Economic Zone appear stable due to its designation as an area permitted for land transactions.
According to the Saemangeum Gunsan Free Economic Zone Authority (SGFEZA), the appraised value of land in the zone has increased 0.67 percent this year.
It is a small rise compared to 6.01 percent in Buan, 5.57 percent in Wanju, and 5.54 percent in Namwon. The average appraised value of land in North Jeolla Province has also increased 4.16 percent over the same period of time.
The price of the most expensive and cheap land (per 1㎡) in the zone was KRW 900,000 and KRW 36,000, respectively.
The appraised value of land in the zone has increased little mainly due to the fact that the land transaction-area designation has drawn real demand more than speculative investors.
Land value was calculated based on data collected for five months from last October, such as real estate transaction volumes, real estate sale prices, and land usage status.
Source: Newsis (Mar. 18, 2013)
** This article was translated from the Korean.