On September 6, 2026, Kwon Chil-seung, policy committee chairman of South Korea’s ruling Democratic Party, said the government’s comprehensive real estate tax overhaul could still be revised, telling reporters the party would “respond while closely watching market trends.” The same day, Seoul Economic Daily reported a new projection: if Seoul apartment prices keep rising at the roughly 11% annual pace recorded between June 2025 and May 2026, the comprehensive real estate holding tax would expand from 19 districts today to 22 of Seoul’s 25 districts by 2030.
The projection is based on a KB Kookmin Bank simulation submitted to lawmaker Shin Dong-wook of the opposition People Power Party, tracking the five highest-priced apartment complexes in each of Seoul’s 25 districts. It found the number of taxed complexes would grow from 78 across 19 districts now to 101 across 22 districts by 2030, with only Gangbuk, Geumcheon, and Dobong remaining exempt; Gwanak, Nowon, and Jungnang would enter the tax base for the first time. Non-occupant owners bear the sharpest increase: the combined levy across all 125 sampled complexes would rise 8.9-fold, from 58.9 billion won this year to 526.2 billion won by 2030, with the average bill per unit climbing from 951,338 won to 8,428,401 won.
The projection lands three weeks after Seoul’s cabinet approved a softer version of the tax package on September 1 — raising the basic deduction for a single, non-occupied home to 1.2 billion won and capping the annual holding-tax increase at 150% rather than the 200% first proposed — even as Seoul reported its lowest monthly transaction volume of 2026 so far (earlier coverage: Seoul’s property tax package is being softened). Kwon’s comments this week are the latest sign that the ruling party, which has pushed for larger exemptions than the cabinet adopted, is still negotiating the tax’s final shape as it heads to the National Assembly.
Shin, who commissioned the KB Kookmin Bank analysis, warned the levy is “effectively becoming a ‘Seoul residents’ tax'” that will eventually fall on “ordinary people who own a single home in the city” rather than just multiple-property owners. Kwon did not specify what changes the party is considering, saying only that “since the holding tax is a tax on ownership, focusing taxation on ownership fits the purpose of the levy,” while suggesting capital gains tax rules should keep distinguishing between resident and non-resident owners.
References
Seoul Economic Daily – Democratic Policy Chief Signals Possible Changes to Property Tax Plan / Seoul Economic Daily – Seoul Property Tax May Reach 22 Districts by 2030
