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S. Korea Eyeing Heavy Taxes on ‘Speculative’ Foreign Apartment Owners

S. Korea Eyeing Heavy Taxes on ‘Speculative’ Foreign Apartment Owners

SEOUL, Aug. 5 (Korea Bizwire) — South Korea’s ruling party is pushing to impose heavy taxes on “speculative” foreigner buyers of apartments here amid their rising home ownership, officials said Wednesday. The move comes as the Democratic Party (DP) has vowed to create countermeasures if necessary amid rising concerns over foreigners’ apartment purchases for speculative [...]

Seoul’s Last-ditch Home Supply Plan Still in Doubt over its Viability

Seoul’s Last-ditch Home Supply Plan Still in Doubt over its Viability

SEOUL, Aug. 4 (Korea Bizwire) — South Korea on Tuesday unveiled an unprecedented plan to supply more than 130,000 homes in Seoul and adjacent areas over the next eight years in its latest struggle to contain a further rise in housing prices, which have even dragged down the Moon Jae-in administration’s approval ratings. But the [...]

Apartment Fever Grips S. Korea

Apartment Fever Grips S. Korea

SEOUL, Oct. 5 (Korea Bizwire) — A 41 year-old office worker earned a windfall of 80 million won (US$71,000) over a canceled apartment transaction, a case that underscores the recent rapid surge in home prices in Seoul. The salaried worker of a major South Korean conglomerate made a down payment of 10 percent of the [...]