The housing market in Southeast Seoul, particularly in the Gangnam area, has shifted to a 'buyer advantage' for two consecutive weeks as asking prices decrease while inventory increases.
The real estate market in the Gangnam area of Seoul has experienced a significant shift, with housing prices moving downward and leading to a two-week period where buyers hold the advantage. This change comes in the wake of rising inventory, particularly in response to impending tax changes for multiple homeowners, creating a sense of imbalance between supply and demand. Data from the Korea Real Estate Agency indicates that the sale-demand index in Southeast Seoul dropped below 100 for the first time in over a year, signaling a market where sellers are increasingly outnumbered by potential buyers. The anticipated increase in capital gains tax for multiple property owners in May is contributing to a surge in quick sales, fueling further buyer hesitancy amidst future uncertainties related to loan regulations and tax discussions after local elections.
