Please sell your house before June 1st... Properties to evade the increased property tax are emerging
Increased property valuations in Seoul have prompted homeowners to sell before June 1st to avoid higher property tax burdens.
Seoul's Gangnam district and the Han River belt area saw apartment valuations rise significantly by over 20-30% compared to last year, leading to a rush among homeowners to sell their properties before June 1st, the date when the ownership tax assessments are made. Homeowners are concerned about the increased property taxes and are eager to transfer ownership before this crucial date to prevent the tax burden from falling on them. Additionally, the government is considering reducing tax credits for non-resident single homeowners, which may influence both multi-property owners and single-property owners to list their homes for sale.