Lee Jae-myung "Acquisition Tax Reduction for First-Time Home Buyers... Real Estate Issues Must Be Resolved"

"The Pragmatic Unified Government Led by Lee Jae-myung Can Do It"

Lee Jae-myung, the Democratic Party presidential candidate, is greeting supporters at a campaign rally held at the entrance of Dobongsan in Seoul on the afternoon of the 6th. 2022.3.6 [Photo by Yonhap News]

[Asia Economy reporters Hyunju Lee and Chae-eun Koo] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, emphasized on the 6th, "We will significantly reduce acquisition tax for first-time homebuyers," and stated, "We will definitely solve the real estate problem."

At an on-site campaign event held at the entrance of Dobongsan in Dobong-gu, Seoul, Lee said, "The Democratic Party government has generally done well, but one thing it failed at was real estate policy," and added, "The practical unified government led by Lee Jae-myung will definitely solve the real estate problem."

He said, "We will reform tax, finance, and transaction systems centered on actual demand," and added, "We will create a completely new real estate policy by drastically reforming systems such as tax, finance, and transaction restrictions and permit systems focused on actual residents." Specifically, he stated that first-time homebuyers will be allowed up to 90% loan-to-value ratio (LTV) on mortgage loans.

He continued, "We will drastically reduce financing for multi-homeowners and building investments, while significantly easing support for those buying their first and only home, providing financial support and reducing taxes for one household, one home," and explained, "If properly adjusted, we can gain cooperation so that no one feels unfairly treated."

He also said, "When foreigners and corporations buy houses, they must obtain market or county mayor approval. After introducing this permit system, transactions have drastically decreased by one-third to one-half," and added, "I will firmly introduce a land transaction permit system nationwide to prevent speculation."

He stated, "Some say they are worried because of my strong drive," and said, "We will firmly implement what the people want, reform financial and tax systems centered on actual demand, strictly block speculative transactions, and carry out a large-scale policy reform focused on actual demand."

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