Market data show the price momentum in Seoul's strong districts spilling over to adjacent outer areas and Gyeonggi, read as demand shifting to relatively cheaper areas.

At the same time, sales volume has dropped sharply. Higher prices, loan burdens and a wait-and-see mood have combined to produce a 'transaction cliff.'

In the rental market, tenants' burdens are growing. Demand deferring purchases is flowing into leases, pressuring rents and contract terms, analysts say.

Experts see rising prices spreading while deals shrink as a source of greater uncertainty. Supply plans, financing conditions and policy signals are cited as variables shaping the second-half market.