Gangnam Apartments Collapse Under Tax Burden, Prices Plummet Amidst Flood of Listings

Seoul's prestigious Gangnam district is experiencing a sharp downturn in apartment prices, with the once-coveted Eunma Apartment complex seeing a dramatic fall in its market value. Earlier this year, units of the popular 84-square-meter size were trading at a peak of 4.2 billion won. However, following a transaction at 3.9 billion won last month, listings have now appeared for as low as 3.37 billion won, representing a drop of over 500 million won.

The ripple effect of this price correction is also evident in other prime locations. In Apgujeong-dong, the asking prices for apartments in the Shinhyeon-dae complex have been reduced by 400 to 500 million won within just a few days. Similarly, an 84-square-meter unit in the Acro River Park complex in Banpo-dong, Seocho-gu, was listed for 5.39 billion won on the 6th, indicating a broader trend of declining property values in Seoul's most exclusive neighborhoods. These significant price drops are largely attributed to increased tax burdens, which are weighing heavily on the high-end real estate market.