Four out of 10 apartment lease contracts made in Seoul in August were for monthly rent, as more landlords are shifting their jeonse long-term deposit units to monthly rent in an effort to make up for their high real estate taxes.
The National Assembly passed a bill revising the comprehensive real estate tax on Tuesday. Under the bill, single apartment owners will be taxed on apartments with assessed values exceeding 1.1 billion won ($943,000) instead of 900 million won
An increasing number of foreigners are purchasing Korean properties, with people from China leading.
Despite tightened regulations, real estate prices are still on the rise as a shortage of available apartments increases demand.
Korea’s National Treasure No. 1 is Sungnyemun Gate, which was restored in 2013 after being partially destroyed in an arson attack in 2008. Although the numbering system was introduced for "mere administrative use," the historic gate, also known ...
Gap investment is booming in Korea, with investors mainly targeting small properties located outside restricted areas and with a government-assessed value under 100 million won ($88,500).
An employee demonstrates a digital vending machine during an invention event organized by the Korean Intellectual Property Office and the Korea Invention Promotion Association at the 63 Convention Center in Seoul on Monday.
Jeonse prices are rising at a faster rate, after slowing for a number of months, ahead of new tenant-protection law set to come into effect on June 1.
According to People Power Party (PPP) lawmaker Kim Sang-hoon on Monday, the number of people asking to pay property taxes in installments in Seoul last year amounted to 1,478 -- six times larger than the 247 requests made in 2019.
The ruling Democratic Party (DP) has made a fuss about Korea’s property taxation system and real estate rules by replacing the head of a special committee on real estate, but came to produce little. The committee only agreed to...