South Korea Classifies Seoul as Speculative Zones to Cool Housing Market
South Korea has taken a significant step to cool its red-hot housing market. The government has classified all districts in Seoul as speculative zones. Finance Minister Koo Yoon-cheol announced this move at a press briefing on October 15.
The designation allows authorities to impose stricter regulations on property transactions. This includes higher taxes for multiple homeowners and stricter lending rules for banks. The government aims to curb rapid price increases, particularly in the capital.
Koo Yoon-cheol, the Finance Minister, revealed these measures at a press conference held at the government complex in Seoul. He stressed the need to stabilize the stock market today and promote fairness in homeownership.
The South Korean government's latest move targets the overheating housing market in Seoul. By designating all districts as speculative zones, it hopes to implement tougher regulations and slow down price hikes. The Finance Minister has underlined the importance of market stability and fairness in homeownership.
