Before the expansion of the Land Transaction Approval System, 24 transactions occurred in Seoul’s Gangnam 3 Districts (Seocho, Gangnam, Songpa) and Yongsan District, with prices dropping by 600 to 800 million won in Jamsil and Garak-dong. However, prices increased in premium locations like Apgujeong and Samsung-dong, with minimal impact on the wealthy. The expansion of the system led to several transactions dropping by hundreds of millions of won, but some areas saw significant price increases, with ‘cash-rich’ individuals driving price increases in top-tier areas. Despite short-term transaction contraction and price drops, the long-term effects of the system’s expansion are uncertain, with experts suggesting that property prices in core locations like the Gangnam area will maintain a strong stance.
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Auto-posted at: 2025-03-24 21:03:37