Apartment prices in Seoul's Gangnam area have been declining for three weeks as the deadline for the tax exemption on multiple homeowners approaches (May 9). According to the Korea Real Estate Agency's weekly report, the average selling prices in the Gangnam 3 districts (Seocho, Gangnam, Songpa) have recorded widening decreases, with Songpa experiencing the largest drop at 0.17%, followed by Gangnam at -0.13% and Seocho at -0.07%. Meanwhile, the price drop has also spread to the Han River belt area, where Gangdong District recorded a reversal to decline after 56 weeks, and Dongjak District is on the verge of a downturn as it maintains steady prices at 0.00%. Interestingly, areas like Seongbuk have seen an increase in prices as they have a predominance of mid-priced apartments below 1.5 billion KRW, exhibiting a growth trend contrary to the affected districts. Seongbuk recorded an increase of 0.27% this week, showing an upturn, while other districts such as Jung, Seodaemun, Dongdaemun, Gangseo, Guro, and Gwanak noted similar trends. The demand in these areas is increasing due to the government's housing loans of up to 600 million KRW for apartments below 1.5 billion, coupled with the tightening rental market pushing some tenants towards home buying. Additionally, properties owned by multiple homeowners and high-end single homeowners continue to pile up in the market as they look to evade tax burdens. Data from real estate analytics firm Asil shows the number of selling properties in Gangnam has increased by 32.9% from January 23 when President Lee Jae-myung reaffirmed the end of tax exemption for multiple homeowners, totaling 10,044 units. Overall, the supply of properties in Seoul grew by 36.3% during the same period, reflecting a significant market response to the changing tax landscape and implications for future housing policy.