The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Sun, August 14, 2022 | 11:53
Society
Gov't faces strong backlash from taxpayers
Posted : 2020-07-19 17:06
Updated : 2020-07-19 17:20
Print Preview
Font Size Up
Font Size Down
Homeowners march in Seoul, Saturday, in opposition to the government's real estate policies focused on punitive taxation. Yonhap
Homeowners march in Seoul, Saturday, in opposition to the government's real estate policies focused on punitive taxation. Yonhap

By Kim Se-jeong

Homeowners took their anger to the streets in Seoul on Saturday, opposing the government's recent moves to curb property speculation by employing a series of policies focused on punitive taxation.

"Not only tenants but also landlords are citizens," according to a banner held by one of the protesters gathered outside the Korea Deposit Insurance Corp. in downtown Seoul.

"I fully complied with the government rules when I was in the rental business, but what I receive in return is a tax bomb. I can't believe this," one protester was quoted as saying by Yonhap News Agency.

Another said "The new measures victimized everyone ― homeowners with multiple homes and those with no home. I feel the new tax is like a penalty (for owning multiple homes and renting them out)."

On July 10, the government announced an increase in the acquisition tax, comprehensive real estate holding tax and transfer income tax for homeowners to 12, 6 and 72 percent, respectively, the latest attempt to put a lid on skyrocketing prices for housing, mainly apartments. It also said it will provide more new apartments in Seoul and the metropolitan area.

Gov't not to open 'greenbelt' for housing supply
Gov't not to open 'greenbelt' for housing supply
2020-07-20 17:01  |  Politics

The announcement followed another set of measures on June 17 which was centered on toughening mortgage loan regulations for home buyers.

In addition, the National Assembly with the Democratic Party of Korea majority is to review bills to ensure tenants the right to renew contracts easily with protections against deposit increases.

Experts have criticized the government's real estate policies as "defying the basic market principle of supply and demand," and suggesting that they will only place an additional burden on both homeowners and tenants without effectively curbing property speculation.

Saturday's action by homeowners offers a glimpse into the complex dynamics surrounding housing issues in Korea.

Korea is a country with high population density ― it has a population of 51 million, equivalent to 516 residents per square kilometer.

The density is much worse in the capital and its surrounding area where most people want to live. According to government statistics, the population of Seoul and the surrounding Gyeonggi Province is estimated at 24 million, almost half that of the entire country.

People prefer to live in apartments in the affluent Seoul area, but apartments are in short supply and prices continue to rise beyond incomes. According to statistics, among 3.9 million households in Seoul in 2018, less than 1.4 million were apartments.

According to Budongsan114, an online real estate trade site, the average apartment price in Seoul was more than 800 million won during the fourth quarter last year, up 40 percent from the first quarter in 2017, proving the Moon government's policy a failure.



Emailskim@koreatimes.co.kr Article ListMore articles by this reporter
 
LG
  • Seoul City to retrofit manholes to prevent fatal falls during floods
  • Ruling party politicians' visits to flood-damaged areas cause stir
  • Yoon pardons Samsung chief, other business tycoons to 'overcome economic crisis'
  • Why has Apple Pay been unavailable in Korea?
  • Korea lacks data to operate autonomous vehicles
  • Disney beats Netflix in streaming subscribers
  • Lotte Chilsung Beverage CEO's leadership questioned over numerous scandals
  • Korean 'jang,' Japanese miso soup turn historic animosity into tasty friendship
  • Star novelist's 'Harbin' on Korean independence fighter becomes bestseller
  • [Exclusive] KDB accelerates drive to set up new hub in EU
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • Death of young webtoon artist sparks controversy over harsh working conditions Death of young webtoon artist sparks controversy over harsh working conditions
    • 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family' 'Good Doctor' director to debut Netflix's high-strung suspense series, 'A Model Family'
    • Reality shows go abroad again amid eased COVID-19 travel restrictions Reality shows go abroad again amid eased COVID-19 travel restrictions
    • Musical 'Kinky Boots' tells people to love themselves as they are Musical 'Kinky Boots' tells people to love themselves as they are
    • Late Samsung chairman's collection highlights painter Lee Jung-seop as family man Late Samsung chairman's collection highlights painter Lee Jung-seop as family man
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group