Eight out of every 10 Seoul apartment deals signed since the government unveiled its Aug. 3 tax overhaul were priced at 1.5 billion won ($1.1 million) or less. The measures targeted higher taxes on ultra-expensive homes, but transactions have tilted even further toward the low- and mid-priced segments.
An analysis of Seoul apartment sales reported to the Ministry of Land, Infrastructure and Transport's actual transaction price system showed that deals of 1.5 billion won or less accounted for about 79% of contracts signed since August, when the tax package was announced. The figure excludes canceled contracts and purchases by public institutions.
That share rose from an average of 73.3% in the 10 months before the Oct. 15 measures last year (December 2024 to September 2025) to 76.8% over the 10 months from the measures through July this year, then climbed again to the 79% range since August.
Within the same 1.5 billion won ceiling, the direction diverged by price band. Deals of 600 million won or less, together with those above 600 million won and up to 900 million won, rose from 23.2% before the Oct. 15 measures to 25.9% afterward and 27.6% since August this year. Deals above 900 million won and up to 1.5 billion won, by contrast, fell from 33.1% to 30.4% around the Oct. 15 measures and have continued to decline to 26.3% since August.
Every band above 900 million won shrank. Deals above 1.5 billion won and up to 2.5 billion won narrowed from 18.4% to 16.0% and then 15.3%, while those above 2.5 billion won — the main target of the tax overhaul — slid from 8.3% to 7.2% and 5.8%.
The shift reflects tighter mortgage limits, which were cut to a maximum of 600 million won for homes priced at 1.5 billion won or less, 400 million won for those above 1.5 billion won and up to 2.5 billion won, and 200 million won for those above 2.5 billion won.
