Seoul apartment prices have been on a steep rise for over a year, making the dream of homeownership for ordinary citizens increasingly distant. In response, the Lee Jae-myung government declared an all-out war on housing prices by introducing strong real estate suppression policies from the beginning of the year. As the end of the capital gains tax exemption for multiple homeowners approaches in two months, the tension and strategic maneuvering in the market have reached a peak.
MBC's 'PD Notebook' has directly met with multiple homeowners and real estate experts at this turning point where soaring housing prices clash with high-intensity regulations to gather voices from the field. Following the lifting of the land transaction permit system by Seoul Mayor Oh Se-hoon last year, apartment prices in key areas such as Apgujeong, Banpo, and Mayongseong have skyrocketed at an alarming rate. Even regional investors have joined in, causing prices to soar by hundreds of millions of won in a short period, creating an overheated phenomenon.
As of 2026, the government continues to send strong regulatory messages, but the market's reactions are sharply divided. Some believe that now is the last buying opportunity, spreading a sense of anxiety, while others are desperately searching for loophole strategies to evade multiple homeowner regulations. Even during the Lunar New Year holiday, crowds flocked to high-priced real estate lecture halls, revealing that investors are focused on finding ways to circumvent regulations.
The government maintains a firm stance that there will be no extension of the capital gains tax exemption, encouraging the release of properties onto the market. However, many multiple homeowners have entered what is known as 'endurance,' citing past learning effects. The fear of losing the opportunity for asset value appreciation by hastily selling their homes dominates the market. However, recent news of the president's sale of his primary residence has caused a significant stir among multiple homeowners. Anxiety about the current government's execution capability has intensified in online communities, and signs of price drops due to inventory buildup have been detected in some areas, such as Bundang.
Real estate experts are keenly observing the market trends after May 9, when the capital gains tax exemption for multiple homeowners ends. The intensity of the government's follow-up measures and the actual enforcement of policies are expected to be key variables determining the market's direction.
The MBC 'PD Notebook - Homeowner President VS Multiple Homeowners' episode, which contains in-depth diagnoses of the real estate market at a critical juncture and expert insights, will air on the 10th at 10:20 PM.
