Gov't to Tackle Rising House Prices

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.