Gov’t unveils tougher measures to curb property prices
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Gov’t unveils tougher measures to curb property prices


the moon administration has introduced a
series of new measures to control the overheated property market but as
housing prices continue to soar in many cities the government announced tougher
regulations Kimia some outlines what they are the South Korean government on Monday
unveiled a new set of curbs including landing restrictions aimed at cooling
overheated home prices those include a ban on mortgage landing on properties
valued at over 1.2 million u.s. dollars effective as of Tuesday for houses valid
of more than seven hundred seventy thousand and under 1.2 eight million
dollars the loan-to-value ratio will be cut to 20% for the amount exceeding
seven hundred seventy thousand dollars down from the previous 40 percent second
we will strengthen the burden of ownership for those with multiple houses
or more than one high priced property we will strictly limit the tax benefits for
property transfer and in principle ban expected profits on unearned revenue the
finance minister said areas like Gangnam district in Seoul have seen housing
prices continue to soar amid low interest rates since July on top of
tougher landing the comprehensive real estate tax will go up by a range of
between point 1 percentage points to 0.8 percentage points for those with
multiple homes the government will give them a six-month grace period until next
June to sell their homes without having to pay transfer tax it also strengthened
investigations to stop the illegal purchase of homes by thoroughly checking
the source of funding areas with price ceilings or new apartments will be
expanded in Seoul and nearby areas lastly the government will increase
housing supply in areas with high demand to help stabilize housing prices in the
long term the government added that it will closely monitor the housing market
and may take additional steps to curb housing prices in the first half of 2020
Samantha Arirang news

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