Increase in Listings Starting in Gangnam Spreads to Gangbuk, the Area North of the Han River in Seoul, as Declining Home Prices Become More Widespread

The recent increase in listings that began late last month in Gangnam is now spreading to Gangbuk, the area north of the Han River in Seoul. After the government confirmed that the temporary suspension of heavier capital gains taxes on owners of multiple homes will end, not only multi-home owners but also single-home owners hoping for a warmer market appear to be deciding to sell. In addition, because the requirement to live in a property has been deferred for up to two years, many homes that had been effectively frozen by land transaction permit rules have become available for sale, and this trend is expected to continue for some time.
■ Number of Seoul districts with rising listings jumps from 5 to 14
According to real estate platform Asil on the 10th, listings have increased compared with the beginning of the year in 14 of Seoul’s 25 districts: Songpa District, Gwangjin District, Seongdong District, Seocho District, Gangnam District, Yongsan District, Mapo District, Jung District, Dongjak District, Gangdong District, Gwanak District, Jongno District, Dobong District and Jungnang District. As of just the 2nd of this month, only five districts had seen listings rise, but within a week listings have been increasing across much of Seoul.
In particular, when comparing listings based on January 23, the day President Lee Jae-myung announced the end of the temporary suspension of heavier capital gains taxes on multi-home owners, only four districts have seen listings decline. Among the 21 districts where listings increased, the rise has been especially sharp along the Han River Belt: Songpa District up 20.5%, Seongdong District up 20.5%, Gwangjin District up 13.8%, Seocho District up 12.3% and Mapo District up 11.5%. Outlying districts have also recently turned upward. Listings in Dobong District rose 3.1%, Jungnang District 2.9%, Seodaemun District and Nowon District 2.2% each, and Eunpyeong District 1.3%.
As a result, transactions at lower prices have continued over the past two weeks. The shift is particularly noticeable in the southern Seoul area, where record-high deals had been recorded over the past one to two years. In Seocho District, a 178-square-meter unit in Seocho Donga Tower changed hands for 1.28 billion won, down 520 million won from its peak price of 1.8 billion won in March 2025. In Songpa District, a 59-square-meter unit in Songpa Pine Town Complex 8 sold for 1.3725 billion won on January 31, about 310 million won below the previous and record-high transaction of 1.68 billion won in December last year. In Gangnam District, a 84-square-meter unit in The H Xi Gaepo was sold on January 24 for 3.75 billion won, which is 150 million won less than the 3.9 billion won paid for a higher-floor unit (27th floor) late last year, despite the difference in floor level.
Market observers say such deals at prices hundreds of millions of won lower are possible because prices had risen so sharply. An industry official noted, "Prices have already climbed by more than 1 billion won, so sellers who have now decided to offload their properties do not attach much significance to cutting 200 to 300 million won."
■ In Gangbuk, asking prices fall first for larger, slower-moving units
Looking at listings in Gangbuk, unlike in the southern Seoul area, it is still rare to see asking prices slashed by several hundred million won. Even so, price adjustments are starting with larger units, which tend to have lower turnover and liquidity. In Mia-dong, Gangbuk District, a fire-sale listing for a 114-square-meter unit in Samgaksan I-One saw its initial asking price of 800 million won on January 10 cut to 780 million won by January 26. This is 70 million won below the latest transaction price of 850 million won recorded on January 7, making the reduction notable. In the same complex, there are 10 so-called "national standard" 84-square-meter units listed with asking prices above 800 million won, but even if that leads to a reversal in the price hierarchy, owners of larger units are the first to mark down their prices.
A 134-square-meter unit in Bukhansan I-Park in Dobong District also had its asking price cut from 1.43 billion won on February 4 to 1.33 billion won on February 7, a reduction of 100 million won in just three days. In Mia Doosan We’ve Trésium in Gangbuk District, the asking price for a 114-square-meter unit was adjusted from 1.15 billion won on January 12 to 1.1 billion won on January 15.
Meanwhile, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said at a Cabinet meeting held at the presidential office that, in connection with the end of the temporary suspension of heavier capital gains taxes on multi-home owners, the government will grant a grace period of four to six months between contract signing and final payment and registration. In addition, if there is a tenant in place, the requirement for the owner to live in the property will be deferred for up to two years. Nam Hyuk-woo, a real estate researcher at Woori Bank, said, "As so-called 'tenant-occupied listings' with remaining lease terms can now be put on the market, the pool of properties that can actually be traded has expanded," adding, "Listings are also expected to increase to some extent in mid- to lower-tier areas of Seoul, including units automatically deregistered from long-term rental business programs and tenant-occupied properties held by gap investors."
ming@fnnews.com Jeon Min-kyung Reporter