Get 40% Off
🎁 Free Gift Friday: Copy Legendary Investors' Portfolios in One ClickCopy for Free

South Korea eases property regulations across capital Seoul

Published 01/03/2023, 03:57 AM
Updated 01/03/2023, 04:01 AM
© Reuters. FILE PHOTO: A building which is currently under construction is seen above a fog during a rainy day in Seoul, South Korea, July 31, 2019.   REUTERS/Kim Hong-Ji

SEOUL (Reuters) - South Korea's finance ministry said on Tuesday it was easing financial regulations on home buyers in most districts of the capital Seoul, in an effort to support the country's sharply falling property market.

Among 25 districts in Seoul, only four will remain on the finance ministry's "speculative area" list starting from Thursday, the ministry said. It currently consists of 15 districts.

Those to remain on the list are Yongsan-gu, Seocho-gu, Gangnam-gu and Songpa-gu, in which stricter mortgage rules and heavier taxes are imposed on home buyers.

The decision comes a day after South Korean President Yoon Suk-yeol promised to keep easing restrictions on home buyers to achieve a soft landing of the property market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.