Gwacheon Home Prices Turn Flat After 11 Weeks as Listings Shrink in ‘Semi-Gangnam’

Gwacheon, Gyeonggi Province, has seen its housing price change rate turn flat after 11 weeks of declines that began in the final week of February. The city, often called “semi-Gangnam” because of its high-priced housing market, had been weakening for about two months, but the mood shifted as homes available for sale decreased. The key factor was a sharp drop in listings ahead of the implementation of heavier capital gains taxes on multi-home owners. With fewer properties on the market, downward pressure on prices eased and the rate moved to flat. The next trend depends on whether the listing shortage continues and how transactions move around the tax change. Source: mk.co.kr.