SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s top policy aide to President Lee Jae Myung said Wednesday that the government is considering a comprehensive overhaul of real estate taxation — including possible hikes in property holding taxes — as it moves to rein in surging home prices in Seoul and surrounding regions. Kim Yong-beom, the [...]
SEOUL, Sept. 1 (Korea Bizwire) – Banks in South Korea started tightening curbs on mortgage loans on Sunday, officials said, amid concerns over rising housing prices in Seoul and household debts. The move came as the Financial Services Commission asked banks to toughen screenings for new mortgage borrowers and allow them to take out loans [...]
SEOUL, Jan. 4 (Korea Bizwire) — Home prices in South Korea are cooling at a jaw-dropping clip amid soaring borrowing costs and an economic slowdown, portending that indebted home owners may face the toughest-ever challenge this year and Asia’s fourth-largest economy may suffer a decline in private spending. The country’s apartment prices nationwide fell 0.76 [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korea will lift property-related regulations in most of Seoul and metropolitan areas as the country’s housing market is at the risk of a deep freeze due to strict regulations and higher lending rates, the land ministry said Tuesday. The government will remove Seoul and its adjacent metropolitan areas [...]
SEOUL, Jan. 5 (Korea Bizwire) — Home prices in South Korea rose at the fastest pace in nine years in 2020 despite a set of government measures to rein them in, data showed Tuesday. Housing prices in Asia’s fourth-largest economy gained 5.36 percent last year from a year earlier amid low interest rates and ample [...]
SEOUL, Nov. 17 (Korea Bizwire) — The number of multiple home owners in South Korea grew by more than 90,000 over the past year, data showed Tuesday, amid the government’s efforts to curb rising home prices. The number of multiple home owners reached 2.28 million as of Nov. 1, 2019, up 92,000 from 2.19 million [...]
SEOUL, Nov. 3 (Korea Bizwire) — South Korea will raise government-set home prices for all types of real estate, including apartments and land, to up to 90 percent of their market prices in the next 10-15 years, the transport ministry said Tuesday. The government commissioned the Korea Research Institute for Human Settlements (KRIHS) in February [...]
SEOUL, Aug. 4 (Korea Bizwire) — South Korea plans to supply 132,000 housing units in Seoul and its neighboring area, in the latest effort to stabilize home prices and ease fears of shortages, Finance Minister Hong Nam-ki said Tuesday. The government will ease some construction rules, allowing redevelopment projects of aging apartment buildings to increase [...]
SEOUL, July 31 (Korea Bizwire) — Laws designed to protect tenants went into effect on Friday as the government seeks to enhance tenants’ rights in the face of rising home prices. On Thursday, the National Assembly passed two of three bills aimed at protecting tenants. The new legislation on housing leases will allow tenants to [...]
SEOUL, July 21 (Korea Bizwire) — Apartment prices in Seoul have risen the most during President Moon Jae-in’s term compared with previous administrations, a report by a civic group showed Tuesday. The average price of 82.6-square-meter apartment flats in the capital rose by 450 million won (US$375,438) on average during the first three years of [...]