S. Korean gov't releases new set of measures to cool down housing market
Updated: 2020-07-10 10:05:27 KST
To cool down South Korea's overheating real estate market, the government set out yet another set of anti-speculation measures on Friday.
The latest measures center on raising the real estate tax for multiple homeowners.
The rate cap will double to six percent from the previous three.two percent.
Also, the capital gains tax will increase to 70 percent for those who sell their house within a year of purchase.
The government will also widen benefits for first-time buyers.
The bill to revise real estate taxes will be submitted to the National Assembly early next week.
Friday's measures come just a month after the administration's 21st set of regulations failed to put the brakes on the soaring local housing market.