Applications for Seoul apartment land transaction permits fell to 3,012 in August, the lowest level since the entire city was designated a permit zone in October last year. Applications declined for a fourth consecutive month after peaking at 8,896 in April, as the end of a tax grace period for multiple-home owners, July and August base-rate increases and uncertainty over the Aug. 3 tax reform package encouraged buyers to wait. Prices diverged by region: the three Gangnam districts and Yongsan fell 0.34% month on month, while northern Seoul rose 0.61% and seven Han River belt districts gained 0.52%. Separately, expected reconstruction excess-profit recovery charges across 46 Seoul complexes total 2.169 trillion won, prompting association protests and possible administrative litigation. Six redevelopment projects west of Seoul Station are advancing in Yongsan District, with more than 6,500 homes planned across five zones. Higher standard construction costs, a widening concentration of high-value homes beyond Gangnam and a growing backlog of real-estate tax interpretation requests add to the market's policy uncertainty.