Following the August 13 real estate countermeasures, which significantly strengthened the comprehensive real estate holding tax and capital gains tax, apartment prices in Seoul's Seocho-gu and Gangnam-gu experienced a widening decline.
This is interpreted as an increase in quick-sale listings as higher-priced homes face greater tax burdens.
According to the weekly apartment price trends for the third week of August released by the Korea Real Estate Board, overall apartment prices in Seoul rose 0.22% from the previous week.
However, the decline widened in Seocho-gu and Gangnam-gu, where high-end apartments are densely concentrated.
Prices fell mainly in reconstruction-target complexes in Jamwon-dong and Banpo-dong in Seocho-gu, and in Daechi-dong and Gaepo-dong in Gangnam-gu.
Songpa-gu also saw a reduction in its upward momentum.
Real estate platform Asil reported that the number of listed apartments and officetels in Seoul stood at 65,252, up 8.0% from 60,409 on August 3, when the tax revision bill was announced.
The number of listings increased notably in high-priced complexes, including the Gangnam 3 districts and Yongsan-gu.
Asking prices are also on a downward trend.
The 84㎡ exclusive unit of Eunma Apartments, which sold for 3.9 billion won last month, has been listed at 3.37 billion won, down more than 500 million won.
In Apgujeong-dong, a 141㎡ exclusive unit of Hyundai Apartments Complexes 1 and 2 has a quick-sale listing at 6.0 billion won, down up to 600 million won from 6.6 billion won last month.
Experts analyzed that in the case of reconstruction apartments with poor residential environments, where the proportion of non-resident owners is high, movements are being detected to sell before the point when the transfer of union member status is restricted.
On the other hand, mid-to-low-priced areas continued their strong apartment price trends.
Seongbuk-gu rose mainly around large complexes in Jongam-dong and Gireum-dong; Jungnang-gu focused on small- and medium-sized units in Sinnae-dong and Sangbong-dong; and Seodaemun-gu increased centering on major complexes in Hongje-dong and Namgajwa-dong.
In Hwaseong, Gyeonggi Province, Dongtan-gu saw its upward trend slow significantly after being designated as a regulated area and land transaction permission zone, but demand showed signs of shifting to nearby unregulated Byeongjeom-gu.
Experts pointed out that while high-priced apartment clusters in areas such as Gangnam, Seoul, are showing some downward trends, other metropolitan areas still maintain a strong price momentum due to a severe shortage of sales and jeonse/monthly lease listings.
(Reported by Kim Jiuk | Video by Lee Ui-seon | Graphics by Yook Do-hyun | Produced by SBS Digital News)
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