Hong Nam-ki "Increase in Heavy Tax Rates on Comprehensive Real Estate Tax for Multi-Homeowners and Short-Term Transactions" (Update)

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is delivering opening remarks at the "10th Emergency Economic Central Countermeasures Headquarters Meeting" held at the Government Seoul Office in Jongno-gu, Seoul, on the 10th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kwangho Lee] On the 10th, the government announced the "Supplementary Measures for Housing Market Stabilization," which includes strengthening real estate taxation on multi-homeowners and short-term transactions, and reforming the registered rental apartment landlord system.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated at the 10th Emergency Economic Central Countermeasures Headquarters (Economic Central Headquarters) meeting held at the Government Seoul Office that "Today, we will present the supplementary measures for housing market stabilization for discussion, and immediately after the meeting, we will hold a joint briefing with related ministries to announce the measures to the public."

First, the government plans to raise the comprehensive real estate holding tax (종부세) surcharge rates for multi-homeowners and increase the capital gains tax surcharge rates for short-term holders and multi-homeowners in regulated areas, while providing exit measures.

Additionally, the government will push forward reforms of the registered rental apartment landlord system. Deputy Prime Minister Hong mentioned, "This includes fundamental reforms of the landlord system as well as strengthening inspections on the compliance of registered landlords."

Efforts to expand housing supply for genuine buyers will also be pursued simultaneously. Deputy Prime Minister Hong said, "In addition to the already announced housing supply plans for the metropolitan area, we will swiftly prepare fundamental measures to expand housing supply."

Furthermore, measures to reduce the burden of home purchases for low-income and genuine buyers will be prepared. Deputy Prime Minister Hong explained, "The measures will include strengthening support for first-time homebuyers, easing income requirements for low-income and genuine buyers, and enhancing rental loan support including for the youth."

This content was produced with the assistance of AI translation services.