Seoul apartment listings increased by nearly 12,000 in about seven weeks after the government's tax reform announcement. Listings across Gangnam, Seocho and Songpa rose 25.7%, accounting for almost half of the citywide increase. The rise has not been matched by a comparable recovery in buyer demand, according to the reported market data.
In parts of the Gangnam area, the growing supply of listings has also coincided with recent price weakness.