S. Korea's opposition proposes easing real estate rules to boost housing supply
Updated: 2021-06-17 13:29:04 KST
South Korea's main opposition party has proposed a relaxation of the real estate rules imposed by the Moon administration.
In his policy speech to parliament on Thursday, the leader of the People Power Party, Kim Ki-hyun, said the way to get more homes on the market, especially for young people and newlyweds, is to make it easier to get a loan and to lower property taxes.
Kim said the limits on loan-to-value and debt-to-income ratios should be raised by 20 percentage points.
Property taxes, capital gains taxes and so on, he said, should only be for properties worth more than 1.8 billion won, which is about 1.6 million dollars.