Jinyoung "Official Land Price Realization Likely to Ease Slightly from 90%"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] Jin Young, Minister of the Ministry of the Interior and Safety, stated on the 5th regarding the 'Roadmap to Enhance the Realization Rate of Officially Announced Prices' that "It seems that the policy will be slightly relaxed from the plan to reach 90% (the ratio of the official price to the market price) by 2030."

Minister Jin said at the National Assembly's Public Administration and Security Committee on the same day, "Personally, I had also suggested that the roadmap for realizing official prices be relaxed."

This remark by Minister Jin came two days after the government's announcement to raise the official price of apartment complexes to 90% of the market price by 2030. The Ministry of the Interior and Safety is the department responsible for property tax.

Minister Jin said, "These days, with the economy facing various difficulties and both official prices and market prices rising, property tax imposition increases sharply," adding, "I think it is necessary to provide relief benefits to residents of mid-to-low priced apartments."

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