S. Korea Tightens Property Curbs
South Korea said it will further tighten mortgage rules and apply property market curbs to additional areas outside the capital Seoul to tackle surging home prices in the metropolitan area. In addition to Seoul, pockets of Gyeonggi-do province surrounding the capital would be designated as “speculative zones” subject to tougher borrowing rules including a mortgage ban on properties valued over 1.5 billion won. The government also said it would increase capital gains tax and other taxes on property ownership by corporations to rein in speculative investments, as leveraged buying by big companies is increasingly blamed for stoking a housing bubble.
Tags : INTERNATIONAL