The National Assembly voted on nearly 1-hundred-fifty
bills this Monday… and in the spotlight were three real estate bills that will ease
market regulations. Our Ji Myung-kil has more.
In the last plenary session of the year,… Korea′s two political parties agreed to
relax three real estate regulations. They hope the bills will help perk up Korea′s
property market. One will do away with a tax that acts as a
burden for owners of redeveloped properties. Currently, the government can demand up to
50 percent of the profits made from the rise in value of a redeveloped property.
For example, if an apartment owner sees their property value increase by 90-thousand U.S.
dollars after the house was rebuilt,… they might have to pay up to 45-thousand dollars
in taxes. But the new bill eradicates that provision
starting next year for a period of three years. Another change deals with the houses being
rebuilt in the outskirts of Seoul, where redevelopment is limited due to concerns of population density.
Right now,… home owners are only allowed to claim one house if in these areas.
But the new bill allows them to claim up to three houses.
They hope this will encourage home owners to rent out more of their properties, which
will help supply more rental homes. Apart from plans to boost the property market,…
the government also plans to work on stabilizing the housing market for middle and lower income
households. This includes launching a special committee
that will focus on settling disputes between tenants and landowners.
Ji Myung-kil, Arirang News.