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South Korea introduces property market relief

Posted on 02 April 2013

South Korea introduced a package of measures on Monday to boost home sales, as prices in greater Seoul continue to fall and transactions have hit their lowest ebb on record. The measures come just a month after President Park Geun-hye’s inauguration, as she moves quickly to meet a campaign pledge to reduce household debt—most of which is related to homeownership.
The new measures—announced in statement from the Ministry of Land, Infrastructure and Transport, together with other government ministries—range from cutting the supply of public housing, to tax breaks for first-time home buyers, to relief for the “house-poor,” those who are struggling to pay off the principle on their mortgage as the value of their home declines………………………………………..Full Article: Source


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