The decline in apartment prices that started in Seoul's Gangnam district is now affecting the Han River Belt, including areas such as Seongdong and Dongjak. Latest reports from the Korea Real Estate Agency indicate that apartment prices in Seongdong have dropped for the first time in over two years, marking a reversal from the previous upward trend. Meanwhile, Dongjak has also shown signs of weakening after a lengthy period of stability. Both districts had previously experienced significant price increases during the last year, with Seongdong seeing an increase of 18.75%, second only to Songpa in the city's apartment price growth rankings.

The downturn in the Gangnam area, which includes Seocho, Gangnam, and Songpa districts, has now continued for four consecutive weeks, with drops continuing in adjacent districts like Yongsan and Gangdong. The length and severity of these declines are attributed to the impending cessation of the capital gains tax exemption. Property analysts suggest that many landlords are hastening to sell their properties in anticipation of the tax changes, contributing to the broader price declines in the Han River Belt area.

As the average property price in Seoul is expected to increase significantly this year due to soaring evaluation rates—up 18.67% overall and even higher in some districts—property owners are bracing for a substantial increase in holding taxes. In this context, market analysts predict that this new burden may further exacerbate the selling impulses among property owners, potentially leading to an accelerated price decline ahead of the upcoming tax adjustments.