In February, Seoul's home prices experienced a slower rate of increase due to the government's decision to reinstate a capital gains tax on multiple homeowners.
The announcement from the South Korean government in February regarding the resumption of a strict capital gains tax for owners of multiple properties has resulted in a noticeable deceleration in the rise of home prices in Seoul. According to data released by the Korea Real Estate Agency, the overall sale prices of homes (including apartments, multi-unit houses, and single-family homes) in Seoul increased by 0.66% compared to the previous month, which marks a reduction of 0.25 percentage points from the rise observed in January. The previous months had shown increasing trends, with prices climbing significantly, but the new tax policies seem to have shifted the dynamics in the real estate market.
