[Real Estate] Seoul Apartments in Stable Range

*This content was translated by AI.

The upward trend in Seoul apartments has remained within a stable range.

According to Real Estate R114 data, national apartment transaction prices rose by 0.11% in the fourth week of May, with Seoul up 0.13% and Gyeonggi-Incheon up 0.14%.

Non-capital region areas saw increases of 0.06% in the five major metropolitan cities and 0.04% in other local areas. Among the 17th provinces and cities nationwide, 13 saw price increases and 4 saw declines, with rising areas prevailing. By region, the order of increase was Gyeonggi (0.15%), Jeonbuk (0.14%), Seoul (0.13%), and Gyeongbuk (0.12%).

National apartment rental prices rose by 0.17%, with Seoul up 0.21%, Gyeonggi-Incheon up 0.19%, and the capital region up 0.20%. The five major metropolitan cities and other local areas rose by 0.11% and 0.07%, respectively. By region, the order of increase was Seoul (0.21%), Gyeonggi (0.21%), Jeju (0.19%), and Gyeongnam (0.15%).

With the reintroduction of the heavy taxation on capital gains for multi-home owners after May 9, marking its return after more than four years, some listings have been withdrawn, creating a trend where both transaction and rental prices could rise in the recent one to two weeks.

A real estate official who spoke with this newspaper by phone stated, "It is clear that the Lee Jae-myung administration's real estate policies have not yet taken effect. However, it remains uncertain whether they can maintain such control in the future. The situation could change once the occupancy of ongoing redevelopment projects begins." The official added, "In particular, if Oh Se-hoon, who opposes the government's real estate policies, is elected as Seoul Mayor, real estate control could become impossible."

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*This content was translated by AI.