Seoul apartment listings in 2 billion won range jump 15% after tax overhaul

Seoul apartment listings priced between 2 billion won and 3 billion won rose 15% to 11,245 as of the 26th from 9,775 on the 1st, according to data compiled by real estate data platform Kokjib at the request of The Seoul Economic Daily. The increase exceeded the 9.7% rise among homes priced at 4 billion won or more and the 7.7% increase across Seoul. Owners are listing homes to sell properties they do not occupy or trade up to pricier neighborhoods, but buyers have largely stayed away amid policy uncertainty and lending curbs. At Hangaram apartment complex in Ichon-dong, listings for 84-square-meter units more than doubled to 100, while the median asking price fell 100 million won to 2.85 billion won. At Olympic Park Foreon, 59-square-meter listings rose 79% to 175 and the median asking price dropped 140 million won to 2.65 billion won. Kokjib said 71%, or 578, of 816 listings in the 2 billion won range that changed prices over the past week reduced their asking prices. The ruling party is pressing the government to revise planned changes to the comprehensive real estate tax and capital gains tax, encouraging both sellers and buyers to wait for clarity. Researchers say some owners may delay selling, although listings could continue to grow unless the core tax measures change.

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