Seoul's Finance Minister Unveils Plans for Real Estate Tax Overhaul Amid Price Surge

Amid soaring housing prices in Seoul and surrounding areas, Finance Minister Koo Yoon-cheol announced plans for a comprehensive overhaul of the real estate taxation system.

• Finance Minister Koo Yoon-cheol revealed on October 15 that the government will propose a real estate tax reform plan to address rising housing prices in Seoul and Gyeonggi Province.
• The proposed reforms will consider factors such as encouraging capital flows into productive sectors and ensuring fair burden-sharing among residents in districts like Gangnam District and Yongsan District.
• Concerns over rapidly increasing property values have prompted the government to act, particularly in areas like Gwacheon, where affordability issues are becoming increasingly prevalent.