August 03, 2017 08:23
Minister of Land, Infrastructure and Transport Kim Hyun-mee on Wednesday announced new measures aimed at reining in speculative investments in the housing market.
Kim said the government is against real estate speculation as a means of earning money.
New stricter rules will require multiple-home owners to pay higher taxes when they sell a home and seeks to increase housing supply for low-income earners by expanding state-leasing of apartments.
The government felt the need to tighten the leash on the housing market further after measures announced in June failed to prevent housing prices from soaring.
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