"If It Doesn't Sell, Rent It Out": Distressed Sales of Multi-Home Owners Have Completely vanished... Asking Prices Are Fluctuating.

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"Almost all distressed sales that came onto the market before the heavy capital gains tax were imposed were sold. Now, the prevailing sentiment is that if a property doesn't sell, it will be converted into a monthly rental." (A real estate agent in Nowon-gu, Seoul) The Seoul real estate market has entered a wait-and-see phase again following the expiration of the grace period for the heavy capital gains tax on multi-home owners.