The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    INTERVIEWKorean adoptee in Germany reunites with birth family after 42 years

  • 3

    Korea to start mass production of KF-21 in 2024

  • 5

    Zoo shares sad story of what caused Sero the zebra to escape

  • 7

    Sandstorm from China forecast to push up fine dust levels in Korea

  • 9

    Daughter of North Korean dictator seen wearing $1,900 Dior jacket

  • 11

    Will Apple Pay launch boost local iPhone sales?

  • 13

    INTERVIEWExpert pitches Laotian rural reform to solve NK's chronic food shortages

  • 15

    INTERVIEWForbes-listed entrepreneur pursues partnerships with Samsung, LG, SK to help Ukraine

  • 17

    Indonesian students advise Korean bank on entering Indonesian market

  • 19

    Long viewed as an outsider, conceptual artist grabs global spotlight in his twilight years

  • 2

    Zebra captured after escaping from Seoul zoo

  • 4

    Will exempting foreign nannies from minimum wage boost Korea's birth rate?

  • 6

    Yoo Yeon-seok threatens to sue people spreading accusations about him

  • 8

    Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol'

  • 10

    Retailers rush to adopt Apple Pay system

  • 12

    INTERVIEW'Welcome to world of art therapy'

  • 14

    Kim Nam-gil to embark on Asia fan-meeting tour

  • 16

    Lee Som, Ahn Jae-hong to play married couple in Tving's new series

  • 18

    US Fed lifts key interest rate amid banking sector fears

  • 20

    Samsung, SK chiefs prepare for trips to China amid intensifying 'chip war'

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sat, March 25, 2023 | 06:57
Economy
Gov't renews war on real estate speculation
Posted : 2018-08-24 16:48
Updated : 2018-08-25 08:12
Yoon Ja-young
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
Seoul apartment prices rise at fastest pace in 30 weeks

By Yoon Ja-young

As Seoul's housing market is showing signs of overheating, the government is renewing its fight against property speculation, including tax audits and designation of anti-speculation zones.

At a meeting Thursday on key economic issues presided over by Economy and Finance Minister Kim Dong-yeon, the government decided to additionally designate anti-speculation zones in Seoul, which will be subject to tougher regulations.

Currently, the metropolitan city's upscale southern districts of Gangnam-gu and Songpa-gu are designated as anti-speculation zones, as are Mapo-gu, Yongsan-gu, Seongdong-gu, Yeongdeungpo-gu and Nowon-gu.

The market analysts expect districts of Jongno-gu, Jung-gu, Dongdaemun-gu and Dongjak-gu, which saw steep rise but are not designated as such as of yet are likely to be newly subject to the strict restriction. The designation may come as early as next week.
[0825_apartment price] /2018-08-24(코리아타임스)
[0825_apartment price] /2018-08-24(코리아타임스)

Seoul apartments have been showing signs of stabilizing following implementation of heavy capital gains taxes on owners of multiple homes starting in April as well as a property tax hike announced in July.

However, prices have been rising through the roof all around Seoul following Seoul Mayor Park Won-soon's announcement of development plans.

High-priced real estate faces heavier taxes
2018-07-30 16:32  |  Economy
Seoul's commercial real estate sector remains strong
Seoul's commercial real estate sector remains strong
2018-02-05 17:54  |  Thoughts of the Times

According to the latest data by the Korea Appraisal Board, prices of Seoul apartments rose 0.37 percent from the previous week, marking the steepest jump in 30 weeks. The rise was previously limited to upscale southern districts, but now it is jumping everywhere.

Yeouido and Yongsan, for which the mayor unveiled comprehensive development plans, saw apartment prices continuing their steep rise, and Yangcheon-gu and Jungnang-gu where the mayor said light rail train lines will be built are also making a quantum jump.

A 95-square-meter apartment in Yangcheon-gu's Mokdong, for instance, was sold recently at 1.57 billion won ($1.4 million), jumping from 1.2 billion won earlier this year.

"The apartments saw around a 40 million won rise following the announcement of the plan to develop Yeouido and Yongsan, and the recent plan to build a light rail in Mokdong prompted homeowners to withdraw plans to sell their apartments," a real estate agent in Mokdong said.

The land ministry is vowing to toughen regulations.

"If the housing market shows signs of overheating or the rise expands to other regions, we will come up with additional measures quickly. We will also consider further supply plans for newlyweds and young people," a land ministry official said.

The tax agency is also strengthening its tax audits on speculators while the financial regulator will examine whether those who purchase homes have violated the mortgage regulations such as the loan-to-value (LTV) and debt-to-income (DTI) ratios.

Those ratios restrict the amount of mortgages one can take out according to the value of the home or the income of the debtor. As more people purchase homes, the balance of mortgages increased by 6 trillion won in the second quarter from the previous quarter, pulling up the balance of total household debt to a record-high 1493.2 trillion won.

"Demand is likely to slow down somewhat following the government's announcement of additional regulations as the housing prices have risen too steep recently," said Lee Mi-yoon, a researcher at Real Estate 114.

In the long run, however, experts say the rise will continue unless Seoul City takes action to stabilize the housing market.

"Seoul City's development plans for Yeouido and Yongsan triggered the recent rise. These are long-term plans that will take at least 10 to 20 years for completion, but it was promoted as if they will be complete within the mayor's term," said Kwon Dae-jung, a professor at Myongji University.



Emailyjy@ktimes.com Article ListMore articles by this reporter
 
Top 10 Stories
1Zoo shares sad story of what caused Sero the zebra to escapeZoo shares sad story of what caused Sero the zebra to escape
2Burnout: Cardiothoracic surgery residents work 102 hours a week Burnout: Cardiothoracic surgery residents work 102 hours a week
3North Korea will pay price for reckless provocations, warns Yoon North Korea will pay price for reckless provocations, warns Yoon
4Second daughter of Daesang chairman promoted to vice president Second daughter of Daesang chairman promoted to vice president
5More companies adopt electronic voting amid increase in shareholder activism More companies adopt electronic voting amid increase in shareholder activism
6Churches, Seoul gov't unite to fight low birthrate Churches, Seoul gov't unite to fight low birthrate
7What's next for Do Kwon? What's next for Do Kwon?
8FTC criticized for delaying approval for Hanwha's acquisition of DSME FTC criticized for delaying approval for Hanwha's acquisition of DSME
9Over 70% of firms unwilling to embrace longer workweek Over 70% of firms unwilling to embrace longer workweek
10Genesis launches 2023 G90 sedan Genesis launches 2023 G90 sedan
Top 5 Entertainment News
1Yoo Yeon-seok threatens to sue people spreading accusations about him Yoo Yeon-seok threatens to sue people spreading accusations about him
2Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol' Kim Min-gyu, Go Bo-gyeol bid farewell to 'The Heavenly Idol'
3Kim Nam-gil to embark on Asia fan-meeting tour Kim Nam-gil to embark on Asia fan-meeting tour
4Lee Som, Ahn Jae-hong to play married couple in Tving's new series Lee Som, Ahn Jae-hong to play married couple in Tving's new series
5Long viewed as an outsider, conceptual artist grabs global spotlight in his twilight years Long viewed as an outsider, conceptual artist grabs global spotlight in his twilight years
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group