During the Lunar New Year holiday, apartment listings in Seoul increased by nearly 4%, suggesting a surge in sales as the government reinstates capital gains tax on multiple homeowners.
As the South Korean government prepares to reinstate increased capital gains taxes for multiple homeowners, there has been a noticeable increase in apartment listings in Seoul during the Lunar New Year holiday. The data shows that listings increased by 3.9% from the previous week, with a total of 64,207 available apartments, highlighting a trend towards a potential 'selling rush.' This increase comes in response to President Lee's announcements regarding tax policies and appears to be leading to more properties being listed as potential sellers act before the tax enforcement resumes.
Within Seoul, certain districts have seen significant increases in listings, with Seongbuk District showing the highest rise at 11%. Other areas also reported increases, particularly those along the Han River, reflecting a broad trend across the city. Market analysts suggest that the impact of President Lee's messages targeting multiple homeowners combined with the government's allowance for the sale of properties with tenant leases is contributing to this shift in the housing market dynamics.
In the affluent Gangnam district, listings rose significantly as well, particularly in Songpa District, which saw a 7.8% increase. The developments point towards a changing landscape in the Seoul housing market, potentially resulting in a decrease in the buying pressure. The Apartment Transaction Supply and Demand Index for the southeastern region of Seoul, which includes Gangnam, has registered a 100.8, indicating that there are more sellers than buyers in the current market, the lowest in nearly a year. This situation reflects the cautious sentiment among potential buyers who are monitoring the fluctuating prices.
