Apartment Official Price Review Begins; Property Taxes to Surge in Key Seoul Areas

With the commencement of the apartment official price review starting March 18, 2026, the property tax burden has increased, particularly in Seoul's Gangnam district and areas along the Han River. Official price hikes in Seoul's top three Gangnam districts and the Han River belt have led to a heightened property tax burden. For an apartment complex in Banpo-dong, Seocho-gu, Seoul, property taxes for an 84㎡ unit are estimated to rise from approximately 18 million won last year to 28 million won this year.

While single homeowners of properties valued at around 2 billion won in Seoul's Ahyeon-dong area are not rushing to sell immediately, multi-homeowners newly subject to comprehensive real estate taxes are feeling the pinch. In Ahyeon-dong, Mapo-gu, the increased property taxes are beginning to be reflected in rental prices. The ongoing housing supply shortage has amplified the impact of these tax increases on both sale prices and rental rates.

President Lee Jae-myung convened a 'Capital Market Stabilization and Normalization Meeting' at Cheong Wa Dae on March 18, 2026, where he stressed the potential to achieve a 'Korea Premium' through capital market normalization. President Lee identified chaebol-centric corporate governance, opaque market structures, unclear national policies, and geopolitical risks as contributing factors to the 'Korea Discount.' He also signaled strong measures against market manipulation, including the confiscation of the full principal from stock manipulation activities and the offering of rewards.