S. Korean gov't releases new set of measures to cool down housing market

2020-07-10 20

정부, 오늘 부동산대책 발표…세제•금융•공급 총망라

To cool down South Korea's overheating real estate market, the government set out yet another set of anti-speculation measures on Friday.
The latest measures center on raising the real estate tax for multiple homeowners.
The rate cap will double to six percent from the previous three-point-two percent.
Also, the capital gains tax will increase to 70 percent for those who sell their house within a year of purchase.
The government will also widen benefits for first-time buyers.
The bill to revise real estate taxes will be submitted to the National Assembly early next week.
Friday's measures come just a month after the administration's 21st set of regulations failed to put the brakes on the soaring local housing market.

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