The price of an officetel, a building used for both commercial and residential purposes in Korea, is posted on the wall of a real estate agency in Seoul on Monday.
Korea had the fastest rising home prices in the third quarter, according to Knight Frank. The British real estate consultancy said residential real estate prices in the country jumped by 23.9 percent during the July-to-September period compared ...
A prominent domestic think tank has been hit with a total real estate tax bill of 2.7 billion won ($2.3 million) this year, raising serious questions about its fiscal viability and broader questions about its management.
Demand for apartments on the outskirts of Seoul has withered as a result of stricter loan standards and higher interest rates.
The property price gap is now the widest in 13 years, raising doubts about the Moon Jae-in government's real estate policies, which were intended to slow the surge in prices.
This year, the number of people that are expected to receive their bill on the comprehensive real estate holding tax is estimated close to 950,000, up 42 percent year-on-year. The amount they collectively owe increased 216 percent to 5.7 trillion won
Rising property prices have led more people to rent by the month.
Young Koreans think real estate is the most critical investment when planning for their futures.
According to the Finance Ministry on Monday, 947,000 people received bills, a 41.8 percent increase year-on-year. The amount they owe is 5.7 trillion won -- 216 percent higher than 1.8 trillion won a year ago.
President Moon Jae-in pinpointed the real estate issue as his biggest regret during his tenure, including not providing sufficient opportunities for young people to own homes and failing to stabilize housing prices, speaking at a town hall Sunday.