South Korea Eases Real Estate Regulations in Seoul as Home Prices Tumble

[Epoch-Times-Bot]

South Korea Eases Real Estate Regulations in Seoul as Home Prices Tumble

South Korea’s Finance Ministry said Tuesday that it would ease property regulations in the majority of districts in the capital Seoul in an effort to stabilize the nation’s weakening property market.
The ministry said that Seoul and its adjacent metropolitan areas would no longer be designated as “speculative districts” from Thursday, allowing home buyers to sell or purchase property with fewer restrictions.
Four districts—including Yongsan, Seocho, Gangnam, and Songpa—where stricter mortgage rules and heavier taxes are imposed on home buyers, will remain on the list, according to the ministry’s statement.
The move came as South Korean President Yoon Suk-yeol urged Tuesday to ease regulations on home buyers at a faster pace to ensure that home prices can “rise and fall predictably” while achieving a soft landing in the property market....

Source: South Korea Eases Real Estate Regulations in Seoul as Home Prices Tumble

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