South Korea to boost real estate sector with property bills
January 16, 2015 - South Korea
Two political parties in South Korea’s National Assembly recently approved three real estate bills to aide the sluggish domestic property sector.
According to Arirang News, the real estate-related bills were among the more than 150 bills approved in the country’s last plenary session in December 2014.
One of the approved bills will ease the certain regulations in the property sector, including the removal of a tax burden on owners of redeveloped properties through the year 2017.
Another bill will eliminate the provision of paying up to $45,000 in real estate taxes if the value of the house increases by $90,000 after being rebuilt.
The final bill allows homeowners in the outskirts of Seoul, the country’s biggest real estate market, to claim up to three houses, a significant increase from only one house per the current policy.
According to the National Assembly, the relaxed policies could perk up the slowing real estate market, especially in the housing segment.
The government also plans to help the middle and low-income segments with new regulations in coming months.
Via Property Report
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