Seoul’s People Power Party leader Jang Dong-hyeok stated on the 10th, “Housing prices in Seoul have all increased again, except for Gangnam.” This followed the end of a four-year postponement of the significant transfer tax for multiple property owners in controlled areas the previous day, leading to the tax being reactivated today. Jang expressed criticism towards the government’s real estate policies.
On the same day, Jang wrote in a Facebook post, “Is this Lee Jae Myung’s ‘surgical strike’ approach? Now that Gangnam, which he strongly dislikes, has been taken, is Lee Jae Myung pleased?”
Jang stated, “Once the heavy transfer tax starts again today, prices will increase even more,” and mentioned, “Everyone is removing their properties from the market.” He added, “The rental sector has already hit its peak. Jeonse (upfront deposit leases) are no longer available, and monthly rents have increased by hundreds of thousands of won compared to last year.”
He cautioned, “Following the election, property taxes will increase, and the special tax deduction for long-term homeowners will be eliminated. A true nightmare is coming,” and commented, “Lee Jae Myung firmly claims it’s ‘real estate normalization.’ The mindset that considers this ‘normal’ is actually ‘abnormal.’”
Focusing on President Lee Jae Myung’s residence, Jang questioned, “Will the Bundang apartment just be advertised and never sold?”
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