South Korea's government has eased its clampdown on the property South Korea market, halving taxes on sales of houses and apartments just four months after it tightened mortgage lending rules to curb speculation.
 
South Korea will cut taxes imposed on buyers and sellers of property to about 2 percent of the purchase price from as much as 4 percent now, Lee Yong Sup, minister of government ad- ministration and home affairs, told re- porters at a press conference in Seoul.
 
The planned reduction would reduce the government's revenue from prop- erty trading taxes by an estimated 1.4 trillion won, or $1.5 billion, annually, Lee said.
 
Parliament is scheduled to vote on the plan in August, with implementa- tion in September, he said.
 
On March 30, South Korea's financial regulator tightened mortgage lending rules for purchases of high-price apart- ments in some areas, its third round of moves in nine months aimed at curbing speculation in the real estate market.
 
The measures helped quell property price increases. A 112-square-meter, or 1,206-square-foot, apartment in Seoul's prime district was selling for 1.1 billion won in July, down 15 percent from its peak, according to Real Estate 114, Korea's top property portal site.
 
 South Korea's government has eased its clampdown on the property market, halving taxes on sales of houses and apartments just four months after it tightened mortgage lending rules to curb speculation.
 
South Korea will cut taxes imposed on buyers and sellers of property to about 2 percent of the purchase price from as much as 4 percent now, Lee Yong Sup, minister of government ad- ministration and home affairs, told re- porters at a press conference in Seoul.
 
The planned reduction would reduce the government's revenue from prop- erty trading taxes by an estimated 1.4 trillion won, or $1.5 billion, annually, Lee said.
 
Parliament is scheduled to vote on the plan in August, with implementa- tion in September, he said.
 
On March 30, South Korea's financial regulator tightened mortgage lending rules for purchases of high-price apart- ments in some areas, its third round of moves in nine months aimed at curbing speculation in the real estate market.
 
The measures helped quell property price increases. A 112-square-meter, or 1,206-square-foot, apartment in Seoul's prime district was selling for 1.1 billion won in July, down 15 percent from its peak, according to Real Estate 114, Korea's top property portal site.