Seoul real estate shows rising first-time buyers and surging Gangnam listings

The Seoul real estate market is experiencing divergent trends between first-time buyers and established property owners. In the third quarter of this year, the number of individuals purchasing multi-unit buildings for the first time in Seoul rose by 35.9% compared to the same period last year. This growth was largely driven by buyers in their 30s, who accounted for 52.2% of all first-time purchasers. Gangdong District saw the most significant increase, representing 58.3% of the total growth across Seoul.

Conversely, the Gangnam three districts (Gangnam, Seocho, and Songpa) have seen a sharp increase in property listings. Apartment listings in these areas have risen by nearly 10,000 units over the past year, with a 24% surge in the two months following the August tax reform announcement. Experts suggest that long-term owners are listing properties to realize gains and mitigate potential tax burdens. This influx of supply, combined with high interest rates and policy uncertainty, has contributed to recent price declines in these high-value districts, potentially slowing the overall price growth rate for the broader Seoul metropolitan area.