The Return of 'Zero Commission' in Gangnam as Housing Prices Soar: A Market Shift
The apartment market in Seoul's Gangnam area is heating up once again, with property prices hitting new highs daily. The apartment market in Seoul's Gangnam area is heating up once again, with property prices hitting new highs daily. This has led to a seller's market, where practices reminiscent of past housing booms, such as sellers asking buyers to cover real estate commissions, have reappeared. With the number of available listings dwindling and buyer sentiment growing stronger, let's delve into the factors behind these recent developments. Apartment prices in Seoul’s Gangnam area have been surging, creating a seller’s market where sellers are now demanding that buyers cover real estate commission fees. Recently, a rapid sale in an apartment complex in Seocho District saw the seller asking the buyer to pay the real estate commission. The justification was that, since the property was sold below market value due to its urgency, the buyer should bear the additional cos...