Asking prices for high-end apartments in Seoul’s Gangnam area are falling sharply, with a 183-square-meter unit in the Shin Hyundai complex in Apgujeong-dong now listed at 8.59 billion won ($6.2 million), 4.21 billion won, or 32.9%, below its record price of 12.8 billion won in December last year. The price is close to the unit’s actual transaction price at the end of 2024 and 1.46 billion won below the 10.05 billion won recorded in a sale on the 22nd of last month. Reduced-price listings are also emerging in Banpo and Gaepo after the government’s tax overhaul, including Banpo Xi and Acro River Park, but buyers remain hesitant because loans are unavailable. Only one apartment sale was reported in Apgujeong-dong between the 1st and 20th of this month, compared with four during the same period last year, while Banpo-dong recorded two sales versus 12 a year earlier. The Korea Real Estate Board said apartment prices fell 0.05% in Gangnam-gu and 0.09% in Seocho-gu in the third week of August, while Seoul prices overall rose 0.22%. Analysts expect the divergence between high-end and lower- and mid-priced districts to continue, with tax concerns potentially prompting more listings from owners of expensive apartments.