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Soaring Publicly Assessed Apartment Prices in Seoul Lead to Increased Property Tax Burden
Surging Publicly Assessed Apartment Prices and Increased Tax Burden in Seoul
According to the Ministry of Land, Infrastructure and Transport's announcement on this year's publicly assessed prices for multi-family homes, Seoul recorded an impressive increase of 18.67%. This figure is nearly double the national average of 9.16%. The surge in apartment prices was particularly prominent in Gangnam 3-gu and the so-called 'Han River Belt' areas, including Yongsan, Seongdong, and Mapo. Specifically, the publicly assessed price in Gangnam 3-gu increased by 24.7%, while the Han River Belt regions saw a 23.13% rise.
Rising Property Taxes and Potential for Increased Listings
Although the government maintained the publicly assessed price reality rate (the ratio of publicly assessed prices to actual market prices) at 69% as of last year, the significant increase in market prices has directly led to higher publicly assessed values. Consequently, single-home owners and multiple-home owners with high-value apartments are facing a substantial increase in their property tax burden. For example, the publicly assessed price for an 84㎡ exclusive-use area in Raemian One Bailey in Seocho-gu, Seoul, is 4.569 billion won this year, a 33% increase from the previous year. The estimated property tax for such an owner is projected to rise to 28.55 million won, an increase of 10.26 million won from last year. This indicates that many households will have to pay over 10 million won more in taxes compared to last year, raising the possibility that some multi-home owners may list their properties due to the unbearable tax burden.
*Source: YouTube: SBS News (2026-03-17)*
