The Seoul city government said Monday that new applications for apartment land-transaction permits totaled 7,653 as of the end of March, up 69.7% from 4,509 a month earlier.
It was the highest monthly figure since the land-transaction permit system was expanded across Seoul in October last year. Cumulative applications over that period reached 28,535, of which 24,669, or 86.5%, had been processed.
City officials attributed the March surge to a rush of listings ahead of the May 9 end of a temporary suspension of heavier capital gains taxes for multi-homeowners. After declining in recent months, the share of applications rose again in March in the three Gangnam districts, Yongsan and areas along the Han River. By contrast, the share fell in 10 northern districts and in four outer southern districts — Gangseo, Gwanak, Guro and Geumcheon.
The share of applications from outlying districts had grown from 53.6% in October to 67.3% in February, but slipped to 61.4% in March, suggesting some demand shifted back toward central areas.
Multi-homeowner listings accounted for 1,310 applications, or 17.1%. The share was higher in Han River areas (25.0%) and in Gangnam and Yongsan (21.6%) than in the 10 northern districts (13.3%) and the four outer southern districts (12.4%). The city said selling appeared more active in high-priced areas as owners sought to reduce tax burdens.
Even as applications rose, prices weakened. The total value of March permit applications fell 0.08% from the previous month. Midpriced and lower-priced apartments and outlying areas stayed on an upward track, but gains slowed, while high-priced areas such as Gangnam and the Han River belt turned down.
The city said tighter lending rules have kept end-user demand concentrated in relatively affordable homes and outer districts, while high-priced areas faced growing downward pressure as more properties came onto the market and deals centered on quick sales.
* This article has been translated by AI.
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