[Real Estate] Metropolitan Area Continues Upward Trend

*This content was translated by AI.

The metropolitan area is reported to be sustaining its upward trend without signs of fatigue.

According to data from Real Estate 114, national apartment transaction prices rose by 0.14% in the first week of August. Seoul increased by 0.12%, while Gyeonggi and Incheon each rose by 0.21%, resulting in a 0.16% increase across the metropolitan region. The five major metropolitan cities and other local areas saw increases of 0.04% and 0.03%, respectively. Based on all 17 provinces and cities nationwide, 11 regions experienced price increases, 3 remained stable, and 3 declined, indicating that rising areas were dominant. Notably, the monthly national fluctuation rate in July reached 0.78%, marking a continuous expansion of the increase over three consecutive months (the 0.49% → the 0.53% → the 0.57% → the 0.78%).

National apartment rental prices rose by 0.09%. Seoul increased by 0.12%, and Gyeonggi and Incheon each rose by 0.09%, resulting in a 0.10% fluctuation rate for the metropolitan area. The five major metropolitan cities and other local areas saw increases of 0.05% and 0.02%, respectively. Based on all 17 provinces and cities nationwide, 10 regions experienced price increases, 5 remained stable, and 2 declined. This is assessed to be largely due to the impact of seasonal off-peak periods (extreme heat and vacation season), which significantly increased the number of stable-price areas.

Meanwhile, Lee Jae-myung's government's real estate tax reform plan introduced two major changes. First, the taxation system centered on the number of houses has shifted to one based on property value. Additionally, it has become more difficult to achieve tax savings through mere ownership without actual residence.

A real estate official A, who spoke with this newspaper by phone, stated, "We need to closely monitor Lee Jae-myung's government's real estate tax reform. It appears that adjustments may be made depending on future political schedules. Furthermore, it is important to keep in mind that previous real estate policies failed to curb actual market trends. This is a period that requires careful observation."

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*This content was translated by AI.