Multi-homeowners are increasingly listing their properties for sale ahead of the May 9th deadline for a tax hike on capital gains, raising concerns and opportunities for potential buyers.
As the May 9th deadline approaches for the reinstatement of capital gains taxes on multi-homeowners in designated adjustment areas of Seoul, there has been a noticeable uptick in the number of properties for sale. According to data from the big data real estate firm Asil, the number of apartments listed in Seoul reached 64,207, reflecting a 14.2% increase from the 56,219 units recorded since President Lee Jae-myung announced plans to reinstate the tax on January 23. There have also been reports of decreasing prices, especially in prime areas like Gangnam, where sales have been occurring at significant discounts compared to previous prices.
