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S. Korean gov't releases new set of measures to cool down housing market

2020-07-10 24 Dailymotion

다주택자에 취득•보유•양도세 폭탄…생애최초 특공은 확대<br /><br />To bring down the country's soaring home prices, the South Korean government has announced yet another set of measures today.<br />Upping taxes for people who own multiple homes and limiting making profits through home sales,... while lessening the burden for those... who want to buy houses to ACTUALLY live in.<br />Arirang's Kim Dami explains.<br />To tame the country's skyrocketing housing market, the South Korean government has jacked up the real estate tax for people owning more than one home.<br />Included in the latest anti-speculation measures unveiled on Friday, the ownership tax for multiple homeowners will now double to six percent from the previous three-point-two percent.<br />"Stabilizing housing for ordinary people is a top priority, the government has pledged to protect those who purchase homes for actually living in, root out speculative investment and come up with customized, appropriate measures."<br />In addition, it's going to be a lot more difficult for speculators to make profits through home purchases.<br />Starting next June, the capital gains tax will increase to 70 percent for those who sell their house within a year of purchase... and 60 percent for sales within two years of purchase.<br />Tax benefits such as property tax reduction for home rental businesses will now also be dramatically reduced.<br />The latest measures also look to widen benefits for first-time buyers.<br />There'll be no acquisition tax when buying a house worth less than 125-thousand U.S. dollars.<br />The government will also create a task force with related ministries to increase the number of houses available for those who really need homes.<br />The bill to revise real estate taxes will be submitted to the National Assembly early next week.<br />Friday's measures came just a month after the administration's 21st set of regulations failed to put the brakes on the soaring local housing market.<br />Kim Dami, Arirang News.<br />

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