[Real Estate] Seoul Apartments Remain Stable

*This content was translated by AI.

Seoul apartment prices continue to show stable movements.

According to Real Estate R114 data, the national apartment transaction prices in the third week of May showed a 0.07% fluctuation rate.

Seoul rose by 0.09%, Gyeonggi and Incheon by 0.1%, bringing the capital region to an average increase of 0.1%. In non-capital regions, both the five major metropolitan cities and other local areas showed weakness at around -0.02%. Among the 17th provinces and cities nationwide, six recorded increases and 11 recorded declines.

Jeonse (lease deposit) prices rose slightly more than transaction prices, up 0.09%. Seoul increased by 0.12%, while Gyeonggi, Incheon, and the capital region each rose by 0.11%. The five major metropolitan cities and other local areas increased by 0.03% and 0.02%, respectively. Based on the 17th provinces and cities nationwide, 11 areas saw increases, one remained flat, and five declined, with rising areas prevailing.

With the reintroduction of the heavy surcharge on capital gains tax since last week, the number of Seoul apartment transactions decreased by approximately 5,000 compared to IJeonju. It appears that a freeze in listings has begun, and the Ministry of Land, Infrastructure and Transport has suspended the requirement for actual residence. However, this suspension applies only to cases where non-homeowners make purchases.

Meanwhile, assessments regarding the stability of the real estate market and the stimulation of the stock market, which are believed to be the motto of the Lee Jae-myung administration, are mixed.

A real estate official said, "If real estate listings remain frozen, real estate stability will be out of reach. I wonder whether artificially suppressing the real estate market while boosting the stock market can succeed."

Another real estate official stated, "It seems the real estate market may change depending on the popularity of the Lee Jae-myung administration. For the time being, the real estate market is expected to maintain stability. Ultimately, it appears it will be linked with the stock market."

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*This content was translated by AI.