3,012 Land Transaction Permit Applications in Seoul in August... Lowest Since October Last Year

[Financial News] The number of new applications for land transaction permits for apartments in Seoul in August of this year was the lowest since October of last year. October was the period when the entire city of Seoul was designated as a land transaction permit zone.
According to the Seoul Metropolitan Government on the 14th, the number of new applications for apartment land transaction permits in Seoul last month was 3,012.
The number of land transaction permit applications, which stood at 8,896 in April, continued to decline to 6,011 in May, 5,277 in June, and 4,618 in July. May was the month when the heavy capital gains tax on multiple homeowners began, and applications are believed to have surged ahead of this period.
The Seoul Metropolitan Government attributed the decline to factors such as interest rate hikes and loan regulations. In addition, buyers are understood to be maintaining a wait-and-see stance because procedures, including parliamentary deliberation, remain for the August 3 tax reform plan.
By region, the number of applications decreased from the previous month in all areas. The decline was particularly notable at 38.6% in the Han River Belt (Gwangjin, Seongdong, Mapo, Dongjak, Yangcheon, Yeongdeungpo, and Gangdong districts) and the southwestern area (Gangseo, Gwanak, Guro, and Geumcheon districts).
The 10 northern Seoul districts (Gangbuk, Nowon, Dobong, Dongdaemun, Seongbuk, Jungnang, Seodaemun, Eunpyeong, Jongno, and Jung districts), where end-user demand continued, recorded a decline of 31.4%.
Last month, the application price for apartment land transaction permits in Seoul rose 0.17% from the previous month. This was a slowdown from 1.41% in July and 2.67% in June. The 10 northern Seoul districts continued to rise by 0.61%, while the seven districts in the Han River Belt rose 0.52%; however, the three Gangnam districts (Gangnam, Seocho and Songpa) and Yongsan District declined.
Meanwhile, the Seoul Metropolitan Government analyzes and discloses the status of land transaction permit applications every month with the goal of minimizing gaps in real estate information.

[email protected] Kwon Jun-ho Reporter