Holding taxes on some ultra-high-end apartments are projected to jump by more than 10 million won this year as official housing prices surged over 20% in the Gangnam three districts and along the Han River belt. The number of homes subject to the comprehensive real estate tax—based on the 1.2 billion won threshold for single-home owners—expanded by more than 50% from last year to 487,362 units, representing 3% of all housing nationwide. With the government maintaining pressure on owners of "prime single properties," forecasts indicate tax burdens including holding taxes will continue to grow.
According to the "2026 Official Apartment Prices" released by the Ministry of Land, Infrastructure and Transport on the 17th, the holding tax (property tax plus comprehensive real estate tax) for an 84-square-meter unit at Raemian One Bailey in Banpo-dong, Seocho-gu, Seoul, is projected to soar by 10.26 million won (56.1%)—from 18.29 million won last year (7.46 million won property tax, 10.83 million won comprehensive tax) to 28.55 million won this year (9.47 million won property tax, 19.08 million won comprehensive tax). The official price jumped 33% from 3.436 billion won last year to 4.569 billion won this year.
For a 111-square-meter unit at Shin Hyundai 9th in Apgujeong-dong, Gangnam-gu, the official price rose from 3.476 billion won to 4.726 billion won over the same period, pushing holding taxes up by 10.61 million won (57.1%) from 18.58 million won to 29.19 million won. At Jamsil Els in Jamsil-dong, Songpa-gu, an 84-square-meter unit saw its official price climb from 1.865 billion won to 2.335 billion won, raising holding taxes by 2.77 million won (47.6%) from 5.82 million won to 8.59 million won.
The number of homes exceeding 12 billion won in official price surged 53% to a record 487,362 units, up from 317,998 last year. These properties now account for 3.07% of all housing (15,851,326 units), breaking through the 3% threshold—up 1 percentage point from 2.04% last year. Under the Comprehensive Real Estate Tax Act, single-home owners must pay the tax on amounts exceeding the basic deduction of 1.2 billion won.
In Seoul specifically, 414,896 units—14.9% of the city's 2,782,147 total apartments—exceeded the 1.2 billion won official price threshold. Gangnam-gu led with 99,372 units, followed by Songpa-gu (75,902), Seocho-gu (69,773), Yangcheon-gu (28,919), and Seongdong-gu (25,839). Compared to last year, sharp increases were evident in Han River belt areas: Seongdong-gu (147%), Mapo-gu (140%), Gangdong-gu (516%), Dongjak-gu (296%), and Gwangjin-gu (164%). Outside Seoul, homes exceeding 1.2 billion won nearly doubled from 37,633 to 72,466 units. By contrast, Gangbuk-gu, Dobong-gu, Nowon-gu, Geumcheon-gu, and Gwanak-gu had no homes above the threshold.
Apartment owners in Gangnam and the Han River belt, where official prices jumped more than 20%, are expected to see holding taxes rise 40-50% year-on-year. The "fair market value ratio"—the rate applied when calculating taxes from official prices—remains undetermined, adding uncertainty. Since this ratio can be raised through executive decree without legislative amendment, tax burdens could increase further. At a background briefing that day, the Ministry of Land stated it had received no guidance from the Ministry of the Interior and Safety or tax authorities regarding potential ratio increases. Current fair market value ratios for single-home owners stand at 60% for comprehensive real estate tax and 45% for property tax.
This year's official prices can be viewed starting the 18th through the Real Estate Official Price Information website and at local district office civil service centers where properties are located. Those with objections may submit written opinions by April 6 via the website, district offices, or Korea Real Estate Board branch offices. The ministry will finalize official apartment prices following the public comment period and Central Real Estate Price Disclosure Committee review, with publication scheduled for April 30. Appeals will be accepted through May 29, with adjustments announced on June 26.
