Foreign ownership of property is growing quickly, with Chinese purchases rising especially fast.
The scandal over property investment by employees of the Korea Land & Housing Corp. (LH) has triggered public disgust and anger as it involves two sensitive issues in Korea — real estate and injustice. The impact of the inside...
Jeon Myeong-hee, a realtor and the head of Byeoljib Real Estate Agency, thought the way houses are traded is based way too much on price and location and that there needs to be more sentimental approaches.
Real estate prices in Korea are setting records high every day as if the sky is the limit. So it comes as no surprise that the housing instability issue is deepening concerns of young generations
Despite the Korean government's efforts to curb real estate speculation and make more housing available, 7 percent of low-income households are still living in temporary structures or tiny rented rooms.
The comprehensive real estate tax was raised sharply for multiple homeowners with the maximum tax rate raised to 6 percent. At the same time, the government lowered taxes, including the acquisition tax, for first-time homebuyers.
Democratic Party (DP) floor leader Kim Tae-nyeon said the ruling party will support legislative reforms to raise taxes on landlords with registered real estate leasing companies and people who own multiple residences.
Controversy surrounding the government’s real estate regulations is growing as apartment prices in several areas outside of the wider Gangnam area have seen prices shoot up as a side effect. Jeonse prices are also on the rise, fueling the backlash.
Following a flurry of measures aimed at real estate speculation last week, the administration promises that it is ready to roll out more of the same. While more than 20 petitions were lodged at the Blue House most were targeting Land Minister.
Anyone who used a jeonse (long-term housing rental deposit) loan to buy an apartment worth 300 million won ($250,000) or more in areas designated as "overheated" or "speculative" zones will have to immediately repay the loan.