Prices of apartment in Seoul have risen sharply, especially in the Gangnam area, as people expect more permissions for redevelopment of apartment complexes after the election of a new mayor.
Prices of apartments in Seoul are on the rise even as the government and ruling party vow to raise assessed values of properties, which will significantly increase taxes paid by homeowners.
Home prices in Seoul and its neighboring area have shown signs of stabilizing due to the government's measures to cool prices and supply more homes, Finance Minister Hong Nam-ki said Tuesday.
Controversy surrounding the government’s real estate regulations is growing as apartment prices in several areas outside of the wider Gangnam area have seen prices shoot up as a side effect. Jeonse prices are also on the rise, fueling the backlash.
Seoul apartment prices in the second week of this month rose for the first time in 10 weeks compared to the previous week. The index was up 0.02 percent. Even in Gangnam, the market rebounded slightly, with prices rising 0.02 percent.