South Korean property prices have been high in recent years. The government introduced regulatory measures on December 16 to curb property prices from rising. On the same day, the Blue House of the Presidential Palace suggested that staff members at or above the secretary level should own two or more residential units in the metropolitan area (including Seoul, Incheon, Suwon, etc.) and only sell one in half a year.
Yin Daohan, the chief secretary of the presidential office responsible for communicating with the people, said that Chief of Staff Lu Yingmin advised senior staff to lead by example and actively cooperate with the government to implement real estate market regulation and control measures, especially the high-level public officials of the presidential office with two residential units in the capital circle.
According to the property declared by the senior officials, a total of 11 senior officials have more than two residential units in speculative and overheated areas such as the Jiangnan District 3 in Seoul. Public officials will declare their property in March, at which time they will know whether senior officials have responded to Qingwatai’s call.
Financial Commissioner announces first sale
The chairman of the South Korean Financial Commission, Yin Seung-soo, warned on the 17th to beware of the housing bubble, thinking that the sharp fall in property prices is only a matter of time, and it is unknown that it will happen in the next five or ten years.
Yin Chengyi also took the lead in responding to Qingwatai’s appeal that he owned a property in Sejong City, announced that he would sell residential units, and said he had notified the tenants. He currently has another property in Seoul.
Housing shortages in Seoul and nearby areas, coupled with low-cost mortgages, are increasing demand for new buildings. The government announced the introduction of regulatory measures, including tightening loan requirements for property purchases, expanding the pre-sale price ceiling for new properties, and increasing property taxes on those who hold multiple residential units.