With new real estate measures being passed that will raise the cost of ownership and penalize sales, property owners are choosing to pay now rather than pay later.
A 66-year-old man who lives in Mok-dong of Yangcheon District, western Seoul, was shocked recently after checking his comprehensive real estate tax bill. It was up sevenfold from the previous year.
Couples are on edge, with some considering divorce, as new taxes may soon be passed on property.
Officetels and villas, long the black sheep of the property market, are gaining favor among investors who see them as the last resort for making a killing in the market.
President Moon Jae-in’s administration is expected to come up with its 22nd set of measures to control soaring real estate prices. The measures are focused on raising rates of the comprehensive real estate tax, transfer tax and...