In the End, Cheongdam Hyundai Sold for 1.1 Billion Won Less... Gangnam Apartment Transaction Prices Plunge by 460 Million Won [Real Estate AtoZ]

President Lee’s Pressure on Multi-Homeowners Continues for a Month
Analysis of Actual Apartment Transaction Prices in Seoul
Average Price Recorded at 1.09 Billion Won
Down 71.34 Million Won in One Month

Cheongdam Hyundai Drops by U

President Lee Jaemyung has continued to pressure owners of multiple homes, resulting in the average apartment transaction price in Gangnam-gu, Seoul dropping by nearly 500 million won in just one month. As the temporary suspension of increased capital gains tax for multiple-home owners is set to end on May 9, contracts for properties with reduced asking prices have been concluded, which has led to a decrease in the average transaction price. With President Lee signaling additional regulations for non-resident single-home owners following his measures against multiple-home owners, there are expectations that Gangnam home prices will continue to remain stable at lower levels for the time being.

Cheongdam Hyundai. Naver Real Estate

According to an analysis by The Asia Business Daily on March 3 of the past month's apartment transaction prices in Seoul, as published in the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, 4,571 transactions occurred between January 23 and February 28. The average transaction price was 1,090,250,000 won. This is a decrease of 71,340,000 won compared to the previous month (December 21, 2025, to January 22, 2026), when the average was 1,161,590,000 won. On January 23, President Lee officially announced the end of the extension of the temporary suspension of increased capital gains tax on multiple-home owners.

Cheongdam Hyundai drops by 1.1 billion won... Gangnam-gu average transaction price plummets by 500 million won

Among Seoul's 25 districts, Gangnam-gu saw the largest drop in average transaction price. The average apartment transaction price in Gangnam-gu fell by 465,650,000 won in just one month, from 2,752,400,000 won to 2,286,750,000 won. In the three key Gangnam districts (Gangnam, Seocho, and Songpa), the average apartment transaction price also dropped by more than 100 million won. The average in these three districts decreased by 141,110,000 won, from 2,252,940,000 won to 2,111,830,000 won. As President Lee continues to pressure multiple-home owners to sell their properties, it is believed that more high-priced homes are being transacted at prices below market value.

For example, an 109-square-meter unit in Cheongdam Hyundai 3rd complex in Cheongdam-dong was sold for 3.4 billion won on February 3, down 1.1 billion won from the previous transaction of 4.5 billion won on January 5. In Daechi-dong, a 161-square-meter unit in Dongbu Centreville was sold for 6.2 billion won on February 10, 300 million won less than the previous transaction of 6.5 billion won on January 15. Similarly, a 60-square-meter unit in Samik Apartments in Suseo-dong was sold for 1.98 billion won, down 500 million won from the previous transaction of 2.48 billion won.

There is also a trend of even lower asking prices for listings in Gangnam-gu. Due to a wait-and-see approach among buyers and tightened loan regulations, demand has slowed, prompting owners of multiple homes who are in urgent need of a sale to lower their asking prices further. A local real estate agent in Gangnam-gu said, "Recently, there was a quick-sale listing for an 109-square-meter unit in Cheongdam Hyundai 3rd complex at 3.2 billion won," adding, "This is a property from a multiple-home owner looking to close a deal before May 9."

The downward trend in the Gangnam area expected to continue for now

Experts predict that the stabilization and decline in home prices in the Gangnam area will continue for the time being. In particular, discussions on property tax reform, which will pick up after the local elections in June, are expected to place additional psychological pressure on property owners. Yoon Sumin, real estate professional at NH Nonghyup Bank, said, "Property tax is a major issue in the Gangnam area, so if regulatory tightening continues, a short-term recovery will be difficult."

However, it is still too early to conclude that Seoul's housing prices have stabilized. In 15 districts, home prices actually increased. In areas with strong actual demand, such as Dongdaemun-gu (up 120,760,000 won), Gangdong-gu (up 83,300,000 won), Yeongdeungpo-gu (up 70,080,000 won), and Jungnang-gu (up 56,290,000 won), average transaction prices have risen. Yoon further said, "In areas with strong demand, properties are sold as soon as they come onto the market," adding, "For the time being, this 'gap-narrowing' trend is expected to continue."

This content was produced with the assistance of AI translation services.