Like land prices in America, the price of land in South Korea continues to rise . In fact, they rose an average of 18.9 percent this year driven by government-led construction projects.
The price gain is the largest since 1990, and higher than 2004, when land prices soared an average 18.58 percent.
According to Korean government statistics, land prices in Kyonggi Province and South Chungchong Province recorded the highest growth among the provinces, while Seoul saw a lower-than-average increase of 11.6 percent.
Moreover, the data reflects rising property demands near Yongi and Kongju in South Chungchong Province,where the government plans to move an administrative capital. Seoul still has the most expensive real estate, but the slower price gain is due to the governmentÂ’s regional emphasis.
In Yonchon, Kyonggi Province, land prices jumped 98.1 percent fueled by government projects to build residential complexes there. Yangju and Hwasong saw a 68.5 percent and 61 percent growth, respectively.
Interestingly, the most expensive land is Chungmuro, central Seoul, where the franchise coffee shop Starbucks is located.
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