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[Monitor] Fair market value of studio apartments in Seoul to rise by 5.8% in 2021

Expected increases in fair market value for studio apartments and commercial buildings by region

The fair market value of multipurpose studio apartments in Seoul is expected to rise by 5.86 percent next year, according to a report by the National Tax Service. The value of commercial buildings in Seoul is likely to rise by 3.77 percent.

The average fair market value for all studio apartment properties nationwide is expected to go up by 4 percent, while that of commercial buildings is expected to increase by 2.89 percent.

The value is expected to rise as demand for multipurpose studio apartments will increase next year, according to real estate market sources, due to strict regulations currently pressing on residential apartments.

Fair market value is used to calculate the actual sale price or property transfer tax when there are no comparable transaction records.