< Back to all clusters
[BUSINESS] · South Korea · 15 sources

started · updated

Seoul apartment land transaction permits hit monthly low

Seoul apartment land transaction permit applications reached a monthly low of 3,012 in August, the lowest since the city-wide designation in October last year. This represents a significant decline from the peak of 8,896 applications in April.

Market analysts and the Seoul Metropolitan Government attribute this contraction to high interest rates, tightened loan regulations, and a cautious stance among buyers awaiting the finalization of the August 3 tax reform proposal. While most regions saw a decline, the Gangbuk area experienced a smaller drop in applications (31.4%) compared to the Han River belt and Southwest regions (38.6%), likely due to lower price burdens attracting actual residents.

Regarding property taxes, the National Tax Service announced a new service to assist couples with joint ownership of a single home. The agency will calculate and notify taxpayers of the most advantageous Comprehensive Real Estate Tax application method and will also identify and refund overpaid taxes for those who previously applied incorrectly.

Entities

Gangbuk · Im Kwang-hyeon · Korea Housing & Urban Guarantee Corporation · Korea Investment Corporation · Lee Hyung-il · Lim Kwang-hyun · Ministry of Economy and Finance · National Tax Service · Seoul · Seoul Metropolitan Government

Claims

What the coverage asserts, and how many sources carry each claim.

  • [○ 1 SOURCE] The National Tax Service will identify and refund overpaid Comprehensive Real Estate Tax for couples with joint ownership of a single home. www.seoul.co.kr
  • [○ 1 SOURCE] The National Tax Service will provide a service to calculate the most advantageous Comprehensive Real Estate Tax for couples with joint ownership of a single home. www.seoul.co.kr
  • [● 4 SOURCES] New apartment land transaction permit applications in Seoul fell to 3,012 in August, the lowest since the city-wide designation in October last year. www.bjynews.com · www.jnilbo.com · www.kyeonggi.com
  • [● 4 SOURCES] The Gangbuk region saw a smaller decrease in permit applications (31.4%) compared to the Han River belt and Southwest regions (38.6%). www.bjynews.com · www.jnilbo.com · www.kyeonggi.com
  • [● 4 SOURCES] In August, the application price for Seoul apartment permits rose by 0.17% compared to the previous month. www.bjynews.com · www.jnilbo.com · www.kyeonggi.com
  • [● 4 SOURCES] The decline in permit applications is attributed to high interest rates, loan regulations, and market observation regarding the August 3 tax reform proposal. www.bjynews.com · www.jnilbo.com · www.kyeonggi.com

Sources