[Real Estate] Real Estate Goes Its Own Way?

*This content was translated by AI.

Real estate prices in the capital region appear to be continuing their steady rise.

According to data from Real Estate 114, national apartment transaction prices rose by 0.14% during the third week of August. Seoul increased by 0.13%, while Gyeonggi and Incheon jumped by 0.21%, lifting the capital region overall by 0.17%.

Outside the capital region, the five major metropolitan cities rose by 0.07%, and other local areas by 0.03%. Based on all 17 provinces and cities nationwide, 15 saw price increases, one remained flat, and one declined, with rising regions prevailing. By region, prices rose in the order of Gyeonggi (0.23%), Seoul (0.13%), Sejong (0.11%), and Incheon (0.09%).

National apartment rental prices rose by 0.11% during the third week of August. Seoul increased by 0.14%, and Gyeonggi and Incheon by 0.12%, leading to a revised upward adjustment of 0.13% for the capital region. The five major metropolitan cities and other local areas rose by 0.06% and 0.02%, respectively. Based on all 17 provinces and cities nationwide, 13 saw price increases, one remained flat, and three declined, with rising regions outnumbering others.

Following the the 3rd real estate tax reform and the subsequent announcement of the the 13th housing supply and financial measures, there has been a continuous wave of consultation inquiries at brokerage offices driven by conflicting interests. Looking at movements in Seoul's real estate market, apartment listings have increased by more than 4,000 units compared to just before the tax reform announcement (approximately 61,000 units on August 2 → approximately 65,000 units on August 21). The increase was particularly pronounced around redevelopment projects in Gangnam-gu.

A real estate official who spoke with this newspaper by phone said, "The current tax reform plan is structured such that even single-homeowners may face increased burdens from the comprehensive real estate tax if they do not reside in the property. As ownership deductions are being reduced and converted to residence-based deductions, listings aiming to avoid tax liabilities are increasing, particularly around high-end housing complexes undergoing redevelopment in the Gangnam area."

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*This content was translated by AI.