Seoul’s skyline is set to rise higher as residents push to have their buildings demolished and taller buildings put in their place.
Real estate restrictions have been lifted in all areas except Seoul and Seongnam, Hannam and Gwangmyeong, all in Gyeonggi province. The adjustment comes as the number of transactions dropping and prices beginning to decline.
It is the first time more than 1 million people have been charged the tax. If the Democratic Party had worked with the government to adjust the tax, about 100,000 taxpayers would have been exempted, according to President Yoon Suk-yeol's office.
The redevelopment of Sibeom Apartments, the oldest apartment complex in Yeouido, western Seoul, has been approved by the Seoul city government, according to officials on Monday.
President Yoon Suk-yeol has promised quality housing for younger people, many shut out of the market as a result of the rapid increase in prices during the Moon Jae-in administration.
The number of households in the capital city of Seoul is expected to gradually decrease starting in 2030, data showed Thursday, as more people move to other areas in search of affordable housing.
Property transactions between related parties are being made at unusually low prices, raising the possibility that money is being moved around by the owners for reasons not completely commercial.
Apartment prices in Seoul fell for 19 straight weeks, according to the Korea Real Estate Board on Thursday. Prices fell 0.21 percent this week, the biggest drop since Dec. 3, 2012.
An apartment complex is seen from Namsan in central Seoul on Wednesday. The proportion of renewed jeonse contracts accounted for 52.1 percent of the total 17,727 jeonse contracts for apartments in Seoul in July as of Tuesday, surpassing that of...
Apartment prices in Seoul dropped at the fastest pace in more than three years as interest rates rise at a rapid pace in Korea and globally. Prices of apartments in Seoul fell by 0.11 percent in the fourth week of August, ...