Minister Vows Maximum Crackdown on Real Estate Speculation

Write : 2018-01-11 16:36:34 Update : 2018-01-11 16:46:46

Minister Vows Maximum Crackdown on Real Estate Speculation

Finance Minister Kim Dong-yeon has vowed a maximum clampdown against real estate speculation for an unlimited period in all areas of the capital Seoul where home prices are surging 

Chairing an economic meeting at the Seoul Government Complex on Thursday, the minister said the surge in real estate prices witnessed in certain areas of Seoul in recent days is believed to have resulted from speculative demand.

To stamp out this demand, the National Tax Service will examine transactions that are suspicious of tax evasion and will impose the dodged taxes. Authorities will also step up investigations into illegal apartment transactions. 

Financial institutions that have reported a surge in home mortgage loans will also be inspected for whether they have been evading regulations.

The minister said the government will also thoroughly implement the new debt-to-income ratio policy and heavier taxation on multiple home owners this year.

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