Last year in Seoul, the number of people who sold unit properties (apartments, low-rise apartment, officetels) after holding them for more than 20 years was the highest.
According to the court's Registry Information Plaza on the 4th, the number of sellers of unit properties in Seoul held for more than 20 years totaled 11,369 last year. That is the highest since related statistics began in 2010.
The number of sellers of unit properties held for more than 20 years was 3,280 in 2022, 4,179 in 2023, and 7,229 in 2024, surpassing 10,000 for the first time last year.
By district, Gangnam District had the most with 1,157 among the 25 autonomous districts. It was followed by Songpa District (1,001), Yangcheon District (756), Nowon District (747), Seocho District (683), and Yeongdeungpo District (568).
Among all sellers of unit properties in Seoul last year (109,938), those who held for more than 20 years accounted for 10.3%. The share of sellers of unit properties held for more than 20 years rose for 12 consecutive years from 2.9% in 2013 and surpassed 10% for the first time.
The trend of selling long-held homes in Seoul appears to reflect a combination of factors, including profit-taking from surging home prices, easing the burden of holding taxes (comprehensive real estate tax, property tax), and securing funds for retirement.
Some multiple-home owners were also seen as deciding to sell in light of potential changes in government tax policy. If the grace period for the heavy capital gains tax on multiple-home owners is not extended through May 9 next year, a 20-percentage-point additional tax rate will apply to two-home owners and 30 percentage points to three-home owners in regulated areas, and they will not be eligible for the long-term holding special deduction.
A revamp of the holding tax system, expected to gain momentum after the June 3 local elections, may also have influenced the latest selling trend.
In Seoul, the share of unit properties bought and resold within two years hit an all-time low of 4.7% last year. The share of sellers of unit properties held for two years or less in Seoul has fallen for three straight years since 2022 (14.6%→9.1%→4.8%→4.7%).
Nationwide, the number of sellers of unit properties held for two years or less was 43,759 last year, the lowest since such statistics began. Among all sellers of unit properties nationwide, the share who sold after holding for two years or less was also an annual record low at 6.9%.