[Anchor]
Once this real estate tax reform package takes effect, the tax burden on high-end homes will increase significantly, sending ripples through the Gangnam real estate market. With the tax burden also surging for non-owner-occupied homes, tenants are growing increasingly anxious that landlords wanting to live in their properties themselves might force them to move out.
Reporter Jeon Hyeong-u has the story.
[Reporter]
A real estate agent in Apgujeong-dong, Seoul, said inquiries have been pouring in following the announcement of the tax reform package.
This area mostly consists of ultra-high-end apartments priced between 6 billion and 7 billion won, and starting in 2028, even single-home owners who reside in their properties will see their comprehensive real estate holding taxes increase by 20 to 30 million won.
[Park In-gu / Real Estate Agent in Apgujeong-dong : Consultations keep coming in, and until just a moment ago, some elderly retirees were already considering selling because the current taxes are burdensome.]
In particular, they predicted that the introduction of a cap on capital gains tax deductions would deal a shock to the market.
[Park In-gu / Real Estate Agent in Apgujeong-dong : There are cases where capital gains range from as little as 4 billion won to as much as 12 billion won. If a situation arises where only 1 billion won is deducted, those individuals will inevitably have to consider selling.]
Unlike Gangnam, which focuses on ultra-high-end apartments, some forecast that apartments in the 2 billion won range along the Han River belt, such as Mapo and Dongjak, might actually see a decrease in holding tax burdens, potentially keeping the market strong.
[Ham Young-jin / Head of Real Estate Research Lab at Woori Bank : Mid-to-low-priced areas with demand for shifting to owner-occupancy for home purchases are expected to maintain price increases and robust transaction trends similar to this year.]
Anxiety is already being detected in the leasing market.
This is because landlords who own a single non-residence home are expected to increasingly try to move in themselves to avoid tax burdens.
[Kim Yeon-sook / Real Estate Agent in Jamwon-dong : This morning, a client who owns a slightly larger property and is currently living on jeonse (lump-sum lease) asked, "What should I do?" So I told her, "Move in."]
Tenants' concerns are also growing.
[Jeonse Tenant : Landlords are all going to try to move into their own homes. Since there are many tenants like us who need to find new homes, won't it become increasingly difficult to find a place?]
There are numerous predictions that jeonse shortages will worsen in preferred areas, ultimately leading to rising jeonse and monthly rent prices.
(Video Journalist: Seol Chi-hwan, Video Editor: So Ji-hye)
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