Gangnam Apartment Prices Rise After 12 Weeks as Heavy Capital Gains Tax Starts

Apartment prices in Seoul’s Gangnam District turned upward for the first time in 12 weeks. According to weekly apartment price trends released by the Korea Real Estate Board on the 14th, Seoul apartment prices rose 0.28% in the second week of this month, up from 0.15% the previous week. It was the first weekly data after the heavy capital gains tax on multi-homeowners took effect on the 10th. The increase was the largest since 0.31% in the fourth week of January, just after the government formalized the policy. Gangnam, which had been falling since -0.06% in the fourth week of February, rose from -0.04% to 0.19%. Songpa widened from 0.17% to 0.35%, Seocho from 0.04% to 0.17%, and all 25 Seoul districts posted gains. Seoul apartment jeonse prices also rose from 0.23% to 0.28%, the biggest rise since 0.31% in the second week of November 2015. Source: rss.donga.com.