This year, the number of people that are expected to receive their bill on the comprehensive real estate holding tax is estimated close to 950,000, up 42 percent year-on-year. The amount they collectively owe increased 216 percent to 5.7 trillion won
Rising property prices have led more people to rent by the month.
Young Koreans think real estate is the most critical investment when planning for their futures.
According to the Finance Ministry on Monday, 947,000 people received bills, a 41.8 percent increase year-on-year. The amount they owe is 5.7 trillion won -- 216 percent higher than 1.8 trillion won a year ago.
President Moon Jae-in pinpointed the real estate issue as his biggest regret during his tenure, including not providing sufficient opportunities for young people to own homes and failing to stabilize housing prices, speaking at a town hall Sunday.
Half of the residential real estate transactions in Seoul this year were of apartments in so-called villas, older building with fewer than five stories, which have not gotten as expensive as their taller neighbors.
Among residences, including houses and apartments, 16 million units were privately owned, up 1.8 percent over the year before. That is 86.2 percent of the total, a ratio that has been falling since Moon Jae-in took office in 2017.
Two K-pop idol stars are embroiled in real estate-related controversies, and it turns out that their greatest critics are their very own fans. Scandals related to celebrities' finances are not out of the ordinary, but fans today are at the ...
A man looks at notices of apartments on sale posted on a window at a realtor's office in Seoul on Sunday.
Over 3,000 people fell victim to a multi-billion-won real estate fraud, according to police. The Suseo Police Precinct said last week they arrested four individuals from a real estate agency who allegedly walked away with 250 billion won...