[6·21 Real Estate Measures] Choo Kyung-ho: "Exemption of 2 Million KRW Acquisition Tax for First-Time Home Buyers" (Update)

The 1st Real Estate Ministers' Meeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho [Photo by Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] On the 21st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho announced, "We will significantly expand the beneficiaries by exempting up to 2 million KRW for anyone purchasing their first home in their lifetime, regardless of income or price restrictions." The comprehensive real estate tax reform plan is scheduled to be announced next month.

Deputy Prime Minister Choo presided over the first real estate-related ministers' meeting since the launch of the Yoon Seok-yeol administration at the Government Complex Seoul on the morning of the same day and stated in his opening remarks, "We will reduce excessive real estate tax burdens." The government plans to focus on stabilizing the rental market and ensuring housing stability for low-income households in the third quarter to normalize the real estate market.

Regarding the highly anticipated comprehensive real estate tax, Deputy Prime Minister Choo said, "We will finalize a fundamental reform plan, including tax rate adjustments, by July and reflect it in the tax law amendment bill."

Additionally, Deputy Prime Minister Choo said, "To ease the burden on actual homebuyers in housing finance, we will introduce a graduated repayment method to the 40-year maturity Bogeumjari Loan and relax the housing price requirement for preferential housing pensions (from 150 million KRW to 200 million KRW)." He also added, "We will rationally adjust the price calculation criteria of the price ceiling system for pre-sale prices to promote housing supply and prepare adjustment measures for regulated areas by the end of this month, considering the housing market situation."

In the third quarter, detailed announcements are also expected regarding youth-tailored housing support packages and supply plans for '2.5 million housing units,' including locations, types, and timing.

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