00:02you're listening to AI prism from Seoul economic daily before you sign anything in Korea's property
00:08market the numbers just changed a single unit near Seoul's Apkujong district crossed the 10
00:16billion one mark again this month meanwhile government approval filings for luxury property
00:21deals dropped by more than half and Seoul's biggest banks are quietly cutting off a whole
00:27channel for mortgage applications here's what's really happening beneath the surface it's Wednesday
00:33July 22nd let's look at what's happening in Korea's property market Seoul's luxury apartment
00:38market cooled sharply after a capital gains tax crackdown on multiple property owners this spring
00:44prices dropped then began climbing back as sellers absorb the initial shock now buyers and sellers are
00:52both waiting on a tax reform announcement expected later this month here's what the numbers show a
00:59unit at Apkujong's Shin Hyundai 11th complex sold for 10.5 billion won on July 13th that's up from a
01:06low
01:07of 9 billion won in late April though still below December's peak of 12.8 billion won transaction
01:14volume in Gangnam district fell to 108 land permit filings this month down from 507 in April a drop
01:22of nearly 79 percent Songpa and Sochou districts saw similar declines with combined Gangnam area filings
01:29down roughly 60 percent since spring despite the slowdown in deal volume price resilience at the
01:35very top of the market remains intact with several complexes setting new record highs last month so what
01:43does this mean for buyers weighing a purchase this year earlier we said transaction volume was cut in half
01:49here's what that actually means for you sellers are holding firm on price even as fewer deals close
01:55so waiting for a discount may not pay off the upcoming tax reform announcement is the real trigger
02:01expect the standoff to break once details are public mortgage brokers at multiple banks are also being cut
02:08off from new loan applications so financing through non branch channels is getting harder by the week
02:13that's today's ai prism real estate this episode was produced with ai assistance based on soul economic
02:21daily reporting and reviewed by a human editor ai prism is a juan ifra award-winning series we'll be back
02:29tomorrow you've been listening to ai prism from soul economic daily
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