Last-Minute Listings from Multi-Homeowners Stay Quiet as Asking Prices Are Expected to Rise Further Next Week

Although the deadline for the heavier capital gains tax on multi-homeowners is just a week away, the expected wave of last-minute tax-avoidance listings has not materialized. In particular, as many bargain listings have already been absorbed, the market expects listings to shrink further and asking prices to rise from next week.
■ A wait-and-see mood spreads as asking prices hold firm
According to brokers on the 3rd, transactions remain sluggish even as the temporary easing of the heavier capital gains tax is set to end. Most bargain listings have already been sold, while ordinary listings are largely holding their asking prices, with some even raising them. Deals are also being made only selectively, mainly for discounted properties.
The temporary easing of the heavier capital gains tax for multi-homeowners ends on the 9th, making this week effectively the last chance to sell. That led some to expect more listings as multi-homeowners rushed to sell and avoid the tax burden. But contrary to those expectations, there has been no sign of an increase in supply.
A real estate agency owner in Jamsil-dong said, "Most of the bargain listings have already been absorbed ahead of the end of the capital gains tax easing," adding, "Listings could start to decline again next week."
In the Junggye and Sanggye areas of Nowon District, some discounted deals are still taking place, but ordinary listings are mostly being held at current asking prices as sellers wait. A broker near Samsung Apartment in Junggye-dong said, "There are inquiries from buyers about bargain listings, but the market is fairly quiet," and added, "Because homeowners are not lowering prices, transactions have not increased much."
In some large apartment complexes in Dongdaemun District, jeonse listings have virtually disappeared, making prices difficult to push down. A real estate agency owner near Raemian Crecity in Jeonnong-dong said, "There have been some lower-priced deals based on 59 square meters of floor area, but most homeowners are not lowering asking prices as they reflect expectations of future gains."
■ Outlook for fewer listings and higher prices
This trend is also reflected in the data. According to the real estate platform Asil, Seoul apartment sale listings fell from 74,134 to 70,897 as of the day, down 4.4% from seven days earlier. Listing declines continued in major Gangnam-area districts such as Songpa District (-4.9%), Gangnam District (-2.0%), and Seocho District (-4.3%), as well as key Han River Belt areas including Mapo District (-4.1%), Yongsan District (-2.5%), and Seongdong District (-1.2%). Listings also fell across Guro District (-7.6%), Jung District, Seoul (-7.2%), and Jongno District (-6.7%).
As listings continue to shrink, jeonse prices are rising, adding to the burden on end users looking to buy or rent.
Ham Young-jin, head of Woori Bank's Real Estate Research Lab, said, "Most bargain listings have already been absorbed, and after the heavier capital gains tax easing ends, listings could fall even further," adding, "In that case, prices are likely to keep rising rather than correct."
en1302@fnnews.com Jang In-seo Reporter