The Seoul city government said on the 21st that the number of apartment land transaction permit applications in March rose 69.7% from the previous month.
According to the city, the number of apartment land transaction permit applications on the month was 7,653, the highest since October last year, when all of Seoul was designated a land transaction permit zone. The cumulative number of applications since October is 28,535. Of these, 24,669 (86.5%) have been processed.
The city explained, "With the end of the temporary suspension of heavier capital gains taxes on owners of multiple homes approaching on May 9, listings have concentrated, leading to an increase in permit applications."
By electoral district, the three Gangnam districts and Yongsan District rose to 16.1%, up from 11.1% the previous month. This is seen as an increase in transaction volume ahead of the end of the temporary suspension of heavier capital gains taxes on owners of multiple homes. The share of 10 districts in northern Seoul (Jongno, Jung, Gangbuk, Nowon, Dobong, Dongdaemun, Seongbuk, Jungnang, Seodaemun, and Eunpyeong) fell from 47.5% to 44.0%, and the four southern Seoul districts (Gangseo, Gwanak, Guro, and Geumcheon) also fell from 19.8% to 17.4%.
Of the apartment land transaction permit applications in March, listings from owners of multiple homes totaled 1,310, or 17.1% of the total. The share of owners of multiple homes was higher in the seven Han River belt districts (25.0%) and the three Gangnam districts plus Yongsan District (21.6%) than in the 10 northern Seoul districts (13.3%) and the four southern Seoul districts (12.4%).
An analysis by the city of March land transaction permit application prices found that the average price fell 0.08% from a month earlier. It rose 0.6% in February before turning downward. The three Gangnam districts and Yongsan District fell 1.73%, while the 10 northern Seoul districts rose 0.49%.