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Gov't Unveils Stronger Measures to Curb Overheated Housing Market

2018/09/16 | 184 views | Permalink | Source

Property tax rates will be raised for multiple home owners starting in January next year, according to measures released by the Ministry of Economy and Finance on Thursday. The new more stringent measures come after a series of measures earlier this year failed to rein in the housing market.

The ministry said it would raise property taxes on owners of two or more houses worth over US$1.6 million in speculative zones in Seoul and adjacent areas, by up to 1.2 percentage points to a maximum of 3.2 percent.

It will also tighten the rules on real estate sales, applying a transfer tax if multiple home owners have owned their houses for less than two years rather than the current three. It will also prohibit them from buying more houses in speculative zones with borrowed money, making it one of the strongest measures laid out by the government so far to curb speculation.

The measure is seen as a way to induce owners of multiple homes to sell their properties rather than borrow more money to cover their expenses.

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