Following the government's recent decision to terminate the capital gains tax relief for owners of multiple properties, there has been a noted increase in applications for land transaction approval in Seoul's apartment market. Starting from the 10th of this month, the actual transaction prices for these apartments, which were signed after the announcement made on the 12th of last month, are expected to be progressively disclosed. The delay in revealing these prices was due to holidays disrupting the usual processing times for land transaction permits, which have been extended significantly during this period.

The Seoul Real Estate Information Plaza reported that permits for land transactions applied for on the announcement date are set to be processed by the 10th, coinciding with the anticipated official release of the transaction prices. The standard processing time for these permits is around 14 days, excluding holidays. However, the prolonged approval timeline means that the impact of the end of the tax relief, which was intended to stabilize the real estate market, has not been fully reflected in official data or real transaction prices thus far.

Real estate professionals anticipate that once the actual transaction prices are disclosed after the 10th, there will be a noticeable shock to the market, especially as many homeowners are motivated to sell their properties to avoid the increased tax liabilities. Observations have noted that asking prices for apartments in the Gangnam area have already decreased by about 200 to 500 million KRW compared to their peak values. However, the actual prices at which transactions have occurred are expected to reveal even greater declines, indicating a significant adjustment period for the Seoul real estate market as the tax policy changes take effect.