On the 8th alone, 700 land transaction permit applications were filed across the 25 districts of Seoul. Analysts said demand to sell homes piled up ahead of the end of the grace period for heavier capital gains taxes on multiple-home owners on the 9th.
According to the Saeol e-civil service portal on the 10th, there were 700 land transaction permit applications filed across Seoul on the 8th. By district, Nowon District had the most with 65. The concentration of transactions in areas with relatively less price burden due to government loan regulations is seen as the reason. In the Gangnam area, Gangnam District saw 53 and Songpa District 52, respectively.
Seoul land transaction applications have increased every month since the government signaled it would end the grace period for heavier capital gains taxes. They rose from 5,194 in Feb. to 8,673 in Mar., and exceeded 10,000 in Apr. with 10,208. So far this month, 3,280 applications were filed through the 8th. Because the government accepted land transaction applications on Saturday, the 9th, total applications in May are expected to increase further.