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The Yun Seok-yeol government announced its first real estate measures on June 21. This measure, which has attracted the attention of many Koreans, is of great interest to foreigners living in Korea for a long time.
The core of this announcement is largely divided into ‘reorganization of the method of calculating the sale price’ and ‘stabilizing the rental market’.
Expansion of disposal period by 2 years
If you purchase an apartment with a mortgage loan in a real estate transaction regulated area, you must dispose of the house you used to live in. This disposition period has been extended from six months to two years.
Until the existing house is disposed of, it can temporarily become two houses, which gives time for this.
The government also abolished the obligation to change the address written in the resident registration to the newly purchased house.
In this case, the house owner does not have to move to the newly purchased house immediately, so the rent would be given. Thus, the government expects that the Jeonsei and monthly rent market will be stabilized.
Eliminate residency obligations
In order to stabilize the Jeonsei and monthly rental market, the government has increased the benefits for “win-win landlords” who have raised the rental price to less than 5%.
Since August 3, 2017, when transferring (selling) a house acquired in a real estate regulated area such as Seoul, in order to be exempt from tax, the actual residence requirement must be met for at least two years. However, this will be exempted for win-win landlords.
The purpose is to prevent landlords from sending out tenants to meet the actual residence requirements and encourage them to refrain from raising rental prices.
Acquisition tax reduction for the first time in life
The government is planning to allow any first-time home buyer to receive a reduction in acquisition tax without restrictions on house price and annual income. However, the maximum reduction is limited to 2 million won.
Also, Korea required a lot of tax on two houses per household, but if one house is a low-cost house of 300 million won or less in a local area, it will be considered as one house per household.
Reorganization of the price ceiling system
The government partially reorganized the price ceiling system to stimulate the supply of apartments.
The price ceiling system is a system that the government prevents from raising the sale price above a certain level when setting the sale price of an apartment. Because of this, the supply of apartments contracted because they thought that even if they built apartments, there would not be enough profit left.
The government reorganized the sale price ceiling system, allowing the reconstruction and redevelopment associations to broadly recognize the costs used in their maintenance projects so that the sale price could be slightly higher. Maintenance business refers to demolishing old apartments and building new ones.
Through this, the rate of increase in the sale in lots of apartments subject to the price ceiling system, which the government expected, varies depending on the size, location, and sale in lots of the complex, but is approximately 1.5 to 4%.
Reporter Hasung Song
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