The number of real estate transactions by foreigners hit a five-year high last year, and half the buyers were Chinese.
The fear-of-missing-out epidemic has crossed the Han, as buyers in their 20s and 30s push up the price of properties north of the river.
Some people who own multiple residence are giving them away to their family members rather than selling them and being hit with big tax bills by the Moon Jae-in administration.
A 37-year-old man, a resident of Ilsan, Gyeonggi, often feels ashamed when comparing himself with one of his colleagues.
The government-assessed value of standalone houses in Seoul will increase 10.13 percent next year, higher than this year’s increase of 6.82 percent from 2019. The average increase for the nation is 6.68 percent.
On Nov. 20, the National Tax Service started sending this year’s comprehensive real estate tax bills to homeowners. The homeowners can check the bills right away online, or they will receive the bills in the mail around Nov. 26.
A loan counter sits empty at a bank located in Seoul on Monday, the first day that government restrictions on unsecured loans went into effect.
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.
As the government works to keep property price down, the prices keep rising, especially at the top end of the market.
The Korean Intellectual Property Office (KIPO) is taking measures to crack down on the sale of counterfeit luxury items on social media platforms, as the number of cases involving these products has shot up.