Commission cut

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Commission cut

 
A notice posted in front of a real estate agency in Seoul on Tuesday criticizes the government’s decision to lower commissions. Starting Tuesday, the new lowered rates will be applied. The rate cut is steeper for apartments valued 900 million won or above. Under the new system, the maximum commission on a 1-billion-won sale will be lowered from 9 million won to 5 million won. For a 1-billion-won jeonse, the commission will drop from 8 million won to 4 million won. Commissions have spiked recently as housing prices have soared. [YONHAP]

A notice posted in front of a real estate agency in Seoul on Tuesday criticizes the government’s decision to lower commissions. Starting Tuesday, the new lowered rates will be applied. The rate cut is steeper for apartments valued 900 million won or above. Under the new system, the maximum commission on a 1-billion-won sale will be lowered from 9 million won to 5 million won. For a 1-billion-won jeonse, the commission will drop from 8 million won to 4 million won. Commissions have spiked recently as housing prices have soared. [YONHAP]

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