[Real Estate] Seoul Real Estate Shows Stable Trends

*This content was translated by AI.

Real estate in Seoul and the capital area rose within a stable range.

According to Real Estate R114 data, national apartment transaction prices rose 0.22% in the second week of May. Seoul increased by 0.27%, Gyeonggi and Incheon by 0.23%, and the capital area as a whole rose 0.25%. Meanwhile, the five major metropolitan cities recorded a 0.14% increase, and other local areas recorded 0.07%.

By region, Seoul (0.27%), Gyeonggi (0.27%), Jeonbuk (0.21%), Busan (0.17%), and Ulsan (0.16%) saw increases.

National apartment rental prices rose 0.07%. Seoul increased by 0.1%, Gyeonggi and Incheon by 0.06%, and the capital area was adjusted upward by 0.08%. The five major metropolitan cities and other local areas each rose by 0.04%.

In April, Seoul apartment transaction volume reached 5,789 deals. This is believed to be influenced by the resurgence of the additional tax on capital gains for multi-home owners after four years, prompting urgent sales to avoid higher taxes, which led to active transactions in mid-to-low-priced apartments in areas such as Gangseo and Jungnang districts.

A real estate official who spoke with this newspaper by phone said, "Since May 9, the number of properties available for circulation in the market has decreased, so price adjustments for high-end homes are expected to be limited," and added, "The price gap between sellers and buyers is expected to widen."

Another real estate official stated, "There will come a time when apartment supply becomes scarce, and the market will likely change depending on how the government responds at that time. Recently, villas are being converted into apartments, and unlike apartments, villas have the advantage of being able to proceed quickly. If ways can be found to address one of the villas' weaknesses—safety issues—they could become a good alternative."

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*This content was translated by AI.