Westline condos prices . The property market has entered the era of “government pricing”? After two rounds of intensive regulation and control that began on September 30 last year, China’s property market began to enter a cooling period, and the excessively rapid rise in house prices was curbed, but the global property market showed a different picture.Please Visit: Westline condos prices to Get Your VVIP Registration Today!
The South Korean property market has been booming in the past year or two. In March, the average price of an apartment in Seoul exceeded 600m won (about 3.61 million yuan) for the first time, up more than 20 per cent from four years ago.
In order to curb the excessive rise in house prices, the South Korean government launched a comprehensive housing policy on June 19.
According to a survey conducted by the Korean Identification Institute last week, apartment prices in Seoul rose 0.24% from the previous week, magnifying the increase for four consecutive weeks. According to another survey, apartment prices in Seoul rose 0.57% last week, the highest increase in the past week this year. Therefore, the government recognizes that the situation of the real estate market is grim, and begins to formulate a stronger housing market countermeasure than the “June 19 countermeasure”.
On August 2, the South Korean government announced a new round of property market regulation and control policies, designating 25 areas in the capital Seoul, Sejong, Guochuan and other cities as “speculative overheated areas”, aimed at cracking down on real estate speculation through tax rates, loans and other measures.
The new killer mace is to raise the “capital gains tax” for multiple homeowners. According to reports, the specific measures are: starting from April 2018, individuals who own two homes in designated areas of South Korea will face a capital gains tax increase of 10 percentage points from the current level. For individuals with three or more sets of individuals, the capital gains tax rate will be increased by 20 percentage points.
In addition, the government plans to ensure a public housing base in the capital circle to increase housing supply, providing 50,000 rental homes for newlyweds each year.
Interestingly, the South Korean government has also borrowed the slogan of Chinese government regulation: houses are for living, not for speculation, so any speculative demand should be curbed.
In the United States, the average price of the US housing market has already exceeded the level of the subprime mortgage crisis in 2008. Hot areas such as California are far behind house prices in 2008.