00:02you're listening to ai prism from seoul economic daily before you sign anything in korea's property
00:09market three separate regulations just locked owners and renters into a standoff
00:17seoul apartment listings jumped six percent in just over a week after tax reform hints
00:23nearly 10 000 john say contracts hit their four-year cap by year end non-bank lenders housing
00:31loans surged 47 percent in five years one redevelopment project just threatened lawsuits
00:39against 3 000 tenants it's thursday august 13th let's look at what's happening in korea's property
00:47market seoul's august 3rd tax reform signaled higher holding and capital gains taxes for multi-home
00:55owners and non-resident single home owners triggering an immediate rush to list at the same time over 10
01:04000 john say contracts that used their renewal right back in 2024 are reaching their four-year cap by
01:11december threatening a supply squeeze land transaction permit rules and reconstruction
01:18membership transfer bans mean higher listings haven't translated into actual sales here's what the
01:25numbers show sole apartment listings hit 64 082 units on august 12th up about 4 000 units or six percent
01:36from august 3rd in gandnam district specifically listings rose 760 units up eight percent as high-priced
01:47reconstruction owners raced to sell before the tax deadline the land transaction permit system requires
01:54buyers to move in themselves and it clashes with tenants renewal rights so actual sales remain rare
02:02despite the listing surge non-bank deposit taking institutions housing related loans reached 144.6 trillion won
02:13about 104 billion dollars in march up 47.4 percent over five years that's roughly 1.6 times the growth
02:24rate of banks
02:25which grew 28.8 percent over the same period as regulated lenders push borrowers towards savings banks
02:33and credit unions about 94 000 lease units citywide may need new tenants by year-end as both new and
02:42renewed
02:43contracts expire concentrated in gangnam songpa and socho so what does this mean for buyers weighing a
02:52purchase this year earlier we said three regulations were locking owners and renters into a standoff
02:59here's what that actually means for you if you're a non-resident owner or considering selling before
03:06the tax deadline expect financing bottlenecks mortgage caps as low as 200 million won on apartments over 2.5
03:15billion won squeeze cash strapped buyers even as sellers multiply if you're renting in gangnam
03:22watch for landlords reclaiming units for owner occupancy to dodge new taxes
03:28that could push junse demand into seongdong mapo and dongjak by year-end
03:35what to watch the august tax reform bill's final assembly vote which will set exact rates for holding and capital
03:42gains tax
03:43year-end junse contract expirations concentrated in gangnam songpa and socho nearly 2551 units in those
03:54three districts alone and whether the government expands land transaction permit exceptions as it did in may
04:02to unlock tax burdened sales that's today's ai prism real estate this episode was produced with ai
04:11assistance based on sole economic daily reporting and reviewed by a human editor
04:17ai prism is a won ifra award-winning series we'll be back tomorrow you've been listening to ai prism from
04:29ai prism soul economic daily
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