More Than Half of Gangnam and Seocho Apartments Now Subject to Comprehensive Real Estate Tax [2026 Official Price]

Official 2026 Multi-Family Housing Prices
Status of Apartments Exceeding 1.2 Billion Won by District in Seoul

As the official prices of multi-family housing have surged this year, especially in areas adjacent to the Han River in Seoul, it has been found that more than half of all apartments in Gangnam-gu and Seocho-gu now exceed the comprehensive real estate tax threshold of 1.2 billion won. Until last year, none of Seoul’s 25 districts had a majority of apartments priced above 1.2 billion won, but this is the first time such a situation has occurred. Approximately two-thirds of apartments in Seoul exceeding 1.2 billion won are concentrated in the so-called Gangnam 3 Districts (Gangnam-gu, Seocho-gu, Songpa-gu) and Yongsan-gu, which have long been designated as regulated areas.

According to the regional statistics on apartments exceeding 1.2 billion won released by the Ministry of Land, Infrastructure and Transport on March 17, there are a total of 487,362 such units nationwide. This represents about 3.0% of all apartments. Last year, there were 317,998 such units, accounting for about 2.0% of all apartments, but the number has increased by over 50% in just one year. The 1.2 billion won threshold is the deduction limit for the comprehensive real estate tax for single-home owners with sole ownership, and apartments with official prices above this are presumed to be subject to the tax. Unlike the property tax, the comprehensive real estate tax is imposed based on the total value of homes owned by each taxpayer.

Apartments in the Gangnam 3 Districts viewed from Lotte World Tower, Songpa-gu, Seoul. Photo by Yonhap News

The increase was particularly pronounced in the Gangnam area. There are 177,198 apartments in Gangnam-gu, of which 99,372 units—or 56%—are priced at 1.2 billion won or higher. Last year, about 48% of apartments in Gangnam-gu exceeded the 1.2 billion won mark. In Seocho-gu, the number of apartments rose from 60,202 last year to 69,773 this year, and the proportion of those exceeding 1.2 billion won increased from 47% to 55% over the same period.

There are approximately 414,896 multi-family housing units in Seoul valued at over 1.2 billion won, and of these, 269,698 units—or about 65%—are located in the Gangnam 3 Districts and Yongsan-gu. This means that two out of every three apartments subject to the comprehensive real estate tax are in these areas. As was the case last year, there are still no apartments valued above 1.2 billion won in Gangbuk-gu, Dobong-gu, Nowon-gu, Geumcheon-gu, or Gwanak-gu.

Outside of Seoul, the number of multi-family housing units valued above 1.2 billion won has nearly doubled from last year, reaching 72,466 units. Even when all high-priced apartments outside of Seoul are combined, the total is still less than the 75,902 such units found in Songpa-gu alone.

This content was produced with the assistance of AI translation services.