The Seoul districts with the biggest home price gains this year were Seongbuk, Gwanak, Gangseo and Yeongdeungpo — areas with a high concentration of apartments priced under 1.5 billion won.
According to weekly price trend data released by the Korea Real Estate Board on Tuesday, apartment prices from January 1 to April 27 rose most in Seongbuk-gu, up 4.52%. Gwanak-gu followed at 4.45%, Gangseo-gu at 4.38%, Yeongdeungpo-gu at 4.16% and Guro-gu at 3.84%.
The district with the smallest gain was Gangnam-gu, which fell 0.34% — the only decline among Seoul's 25 autonomous districts. Seocho-gu (0.96%), Yongsan-gu (1.06%) and Songpa-gu (1.19%) also saw modest gains. These high-end apartment clusters had seen a flood of distressed listings tied to heavier capital gains taxes on multiple-home owners.
Among districts in Gyeonggi Province and Incheon, Yongin's Suji District ranked first, rising 7.24% this year. Anyang's Dongan District came in second at 6.25%, followed by Gwangmyeong at 5.35%. Guri rose 5.2% and Hanam 4.73%.
Meanwhile, with the end of the moratorium on heavier capital gains taxes for multiple-home owners approaching on the 9th of this month, most distressed listings have been absorbed, and home prices in the southeastern region — home to many high-end properties — are showing signs of rising again. Experts expect prices to move in mixed directions for the time being, until various policies such as the second-half tax reform package are announced.
According to the Korea Real Estate Board's apartment price trend data for the fourth week of April (as of the 27th), Seoul sale prices rose 0.14% from the previous week, with the pace of increase slowing by 0.01 percentage point. "Seoul is showing an overall upward trend as areas where price-rising transactions are occurring in complexes with strong living conditions mix with areas taking a wait-and-see stance," an official at the Korea Real Estate Board said.
Experts expect this trend to continue for the time being. "As distressed listings were largely absorbed in the three Gangnam districts, asking prices rose and were reflected in prices," said Nam Hyuk-woo, a real estate researcher at Woori Bank. "Price strength in Seoul's mid- and lower-tier areas could spread to adjacent Gyeonggi areas where jeonse and monthly rent listings are scarce." Shin Bo-yeon, a professor in the Department of Real Estate AI Convergence at Sejong University, forecast, "Areas under 1.5 billion won carry less financial burden and are a segment where real demand easily takes hold amid rising pressure on jeonse and monthly rents, so the upward trend is likely to continue."
The variable that will determine the direction of home prices is the second-half tax reform. "Since Gangnam is a market with strong investment characteristics, sentiment could waver first depending on the intensity of tax regulations," Nam said. "Macroeconomic factors such as the tax reform package and concerns over interest rate hikes will determine the future course of home prices." Shin said, "After the 9th of next month, the issue of the end of the capital gains tax moratorium will disappear, partially resolving uncertainty and potentially improving sentiment," while adding, "the likelihood of a strong upward trend emerging before the tax reform variable is resolved is not high."
