In February, most Seoul apartment complexes with active sales were found to be concentrated in outlying areas such as Nowon, Dobong, Gwanak, and Guro, where prices are relatively low. The government said it would end the temporary easing of capital gains taxes for multiple-home owners, leading to some listings from multiple-home owners in parts of Gangnam and elsewhere, but few cases are reportedly resulting in actual transactions.
According to ZIGBANG CO. on the 22nd, from Feb. 1 to 19, eight Seoul apartment complexes recorded five or more sale contracts, all located in Guro District, Gwanak District, Nowon District, and Dobong District.
Guro Doosan in Guro-dong, Guro District; Sillim Prugio in Sillim-dong, Gwanak District; Sanggye Jugong 16 in Sanggye-dong, Nowon District; and Gwanak Woosung Apartment in Bongcheon-dong, Gwanak District each saw six sales, the most transactions among Seoul apartments during the period. All are large-scale complexes with more than 1,000 households. Sanggye Jugong 16 has 2,392 households, exceeding 2,000. However, sale prices ranged from the 500 million won band to the 1.2 billion won band, lower than the average Seoul apartment sale price (1.5081 billion won, based on KB Real Estate, Dec. 2025). On the 10th, Sillim Prugio (exclusive area 138.74 square meters) sold for 1.23 billion won, the highest price.
Also, Chang-dong Jugong Complex 1 in Chang-dong, Dobong District; Seowon in Dobong-dong, Dobong District; Doosan in Gaebong-dong, Guro District; and Cheongsol in Hagye-dong, Nowon District each recorded five sales. Among Seoul apartments, all complexes with five or more sales were concentrated in outlying areas known as "Nodogang (Nowon, Dobong, Gangbuk Districts)" and "Geumgwangu (Geumcheon, Gwanak, Guro Districts)."
Earlier, the government said it would resume the capital gains tax surcharge on multiple-home owners after the grace period that runs through May 9. On Jan. 25, President Lee Jae-myung said on X (formerly Twitter), "The end of the grace period for multiple-home owners' capital gains tax surcharge on May 9, 2026, was already decided in February 2025," and after a Cabinet meeting on Feb. 3, the end of the grace period was finalized on the 12th. However, it also announced a supplementary measure under which, if a sale contract is signed by May 9, the surcharge will be waived even if the transfer occurs within four to six months depending on the area.
As the plan to end the grace period for multiple-home owners' capital gains tax became known, listings of Seoul apartments increased, led by multiple-home owners. According to real estate platform Asil, the number of Seoul apartment listings rose 16% from 56,373 on Jan. 24 to 65,416 on Feb. 20. Seongdong District (41.8%), Songpa District (34.4%), and Gwangjin District (31.6%) saw 30%–40% increases, while Seocho District (18.6%), Gangnam District (14.9%), and Yongsan District (21.9%) also saw increases of about 10%–20%.
Many say transactions are occurring only among relatively low-priced apartments due to the government's loan regulations. Jang So-hee, a senior expert at Shinhan Premier Pathfinder, said, "For apartments priced at 2.5 billion won or more, only 200 million won in loans is available and the rest must be paid in cash, but there are not many people without homes who have that much cash ready, so transactions are not taking place."
Some also note that a "paradox of regulation" is spreading in the market. While the government is sending the message that it is advantageous for multiple-home owners to sell, increasing listings, it is also signaling that tax burdens from holding homes, such as stronger property taxes, will rise. This is curbing home purchases, meaning transactions have dried up due to conflicting regulations.
Kim In-man, head of the Kim In-man Real Estate Economy Research Institute, said, "In high-priced areas such as the three Gangnam districts (Gangnam, Seocho, Songpa) and Mayongseong (Mapo, Yongsan, Seongdong), loans are not available, so you have to buy with cash. As the government mentioned the possibility of raising dwelling holding taxes, a sense of fear has formed, and people with cash no longer have a reason to buy now." Kim added, "On the other hand, in Nodogang or Geumgwangu, where loans up to 600 million won are available and there are many listings under 1 billion won, there are many end users looking, and even if the government tightens regulations, the chance of deep discount sales that push prices down is low, so many purchase contracts are being signed now."