Number of Listings in Gangnam District Tops 10,000 for First Time in Three Years

With the reinstatement of heavier capital gains taxes on owners of multiple homes now less than two months away, apartment listings in the Gangnam 3 Districts (Gangnam, Seocho, and Songpa) have piled up to nearly 25,000. In particular, Gangnam District has surpassed 10,000 listings for the first time since 2023.
According to real estate platform Asil on the 11th, apartment listings in Gangnam District stood at 10,016 as of that day, the highest level since January 1, 2023. At the beginning of this year, there were only 7,122 listings in Gangnam District, but the number exceeded 8,000 on February 3, reaching 8,098, and then passed 9,000 on February 22. Roughly two weeks later, it climbed above 10,000, signaling a shift in the market toward a "buyer’s advantage."
The pace of increase is also accelerating. It took about a month for listings to rise from 7,000 to 8,000, but only 19 days to go from 8,000 to 9,000, and 16 days from 9,000 to 10,000. Market observers expect the number of listings to grow even faster through mid-April.
Seocho District and Songpa District are also seeing sharp increases in listings. As of the same day, apartment listings totaled 8,878 in Seocho District and 5,718 in Songpa District. Seocho District now has the highest number of listings since January 1, 2023. The district surpassed 8,000 listings on the 25th of last month, and industry watchers say that if this pace continues, it is only a matter of time before it breaks through 9,000. Songpa District has the most listings since March 25 last year, and its apartment listings climbed back above 5,000 on February 24.
The growing backlog of apartments in the Gangnam 3 Districts is mainly attributed to the end of the temporary suspension of heavier capital gains taxes on multiple-home owners. Once the higher tax is reinstated, owners of multiple homes in designated regulated areas could face a maximum tax rate of 82.5%. Ko Jun-seok, a professor at the Sangnam Institute of Management, Yonsei University, said, "Right now, people are rushing to sell in order to avoid the heavier capital gains tax." However, it is unclear whether listings will continue to accumulate after mid-April. A real estate industry official noted, "It will depend on government policy, but once the heavier capital gains tax on multiple-home owners kicks in, the incentive for landlords to sell their apartments essentially disappears."


kjh0109@fnnews.com Kwon Jun-ho Reporter