Sold for 3.8 Billion Won, Now Down Nearly 700 Million... "I Can't Pay Another 150 Million Won; I'll Sell" - Eunma Apartment Listings Surge 3.7-Fold

Listings surge from 105 to 389 in one year
"Many inquiries about selling before approval of the management and disposition plan"
Jeonse listings decline... a potential factor for Gangnam home prices next year

Listings for sale at Eunma Apartment in Daechi-dong, Gangnam-gu, Seoul, have surged. The increase is believed to reflect a wave of sales by homeowners concerned about taxes and additional contributions ahead of approval of the management and disposition plan and relocation next year. For a unit measuring 76.79 square meters, prices have fallen by nearly 700 million won over the past year. Meanwhile, jeonse listings are dwindling rapidly, prompting concerns that this could push up jeonse prices at nearby apartments and even sale prices across Gangnam.

Eunma Apartment in Gangnam-gu, Seoul. Reporter Kang Jinhyung

According to Asil, a real estate data firm, there were 389 listings for sale at Eunma Apartment as of October 27, up 3.7 times from 105 a year earlier. That is the highest number in the three years of records currently available. Listings at the complex declined and prices surged as the reconstruction process gained momentum late last year. Recently, however, buying demand has continued to weaken.

A 76.79-square-meter unit (exclusive area) sold for 3.8 billion won on the 10th floor in November 2025, but early this month, similar units sold for 3.12 billion won on the 9th floor and 3.155 billion won on the 10th floor, a drop of nearly 700 million won. Current asking prices for units on middle and higher floors are in the 3.1-billion-won range. A 84.43-square-meter unit sold for 3.43 billion won on the 3rd floor on October 6, down 880 million won from 4.31 billion won for a 13th-floor unit in October 2025. "Listings have surged because many homeowners want to sell before approval of the management and disposition plan," said a licensed real estate agent near the complex.

Eunma Apartment received approval for its project implementation plan in July 2026 and plans to obtain approval for its management and disposition plan in the first half of 2027, with relocation scheduled for the second half. After approval of the management and disposition plan, existing homes are converted into membership rights for new units, changing how capital gains tax is calculated. The tax burden could increase depending on factors such as the holding period and capital gains. "The conditions, including how long each homeowner has held their property, vary, but taxes will increase by an average of around 100 million to 150 million won," the agent said. "Many older homeowners have put their homes up for sale."

The burden of additional contributions is particularly heavy. If a member chooses a similar-sized unit after reconstruction, the estimated additional contribution could reach as much as 448.13 million won. Members could also face charges under the Reconstruction Excess Profits Recapture System, adding to their burden. "The issue is significant enough that members of Daechi Ssangyong 1st once said they would not proceed with reconstruction because of the system," said another licensed real estate agent in the area. "It's still difficult to estimate the amount for Eunma, but there is no doubt that uncertainty remains." These concerns come amid the possibility of tax reforms and the burden of rising interest rates.

Park Hapsu, an adjunct professor at Konkuk University's Graduate School of Real Estate, said, "If the government's tax reform plan is finalized in December as currently proposed, strengthening the tax burden on non-resident owners of a single home, some selling activity in the Gangnam area could continue through March 2027, ahead of the June 1 property tax assessment date."

Unlike listings for sale, jeonse listings at Eunma Apartment are declining rapidly. There were 72 listings as of October 27, down sharply from around 200 in June and July. "Once relocation begins, residents will have to move out, so units don't sell unless they are in good condition or priced very cheaply," said a licensed real estate agent nearby.

Eunma Apartment has a total of 4,424 units, and tenants are estimated to occupy around 70% of them. Based on asking prices, jeonse deposits for 76.79-square-meter units range from 380 million to 600 million won, while those for 84.43-square-meter units range from 400 million to 600 million won. That is about half the level at nearby complexes such as Gaepo Woosung 1st and 2nd and Seonkyung 1st and 2nd, where jeonse prices are well over 1 billion won. When relocation gets underway in earnest next year, demand for jeonse housing could shift to nearby areas such as Gaepo, Yeoksam and Dogok, pushing up prices not only for apartments but also for villas and small homes.

According to Asil, jeonse listings in the Gangnam area fell by about 28%, from around 6,000 in December 2025 to around 4,300 this month. The imbalance between jeonse supply and demand could worsen, as households with school-age children have particularly strong demand for homes within their existing neighborhoods. "If jeonse prices rise noticeably next year as residents relocate from Eunma, that could also push up apartment sale prices in the Gangnam area," Professor Park said.

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