South Korea to Reform Property Tax on Ultra-Luxury Homes, Official Announces

According to an SBS Radio interview on July 27, South Korea's economic growth secretary Ha Jun-kyung said the government is preparing a property tax reform to increase the tax burden on ultra-luxury homes, with details to be announced soon. Ha stated multiple policy options are being reviewed following discussions with the Prime Minister and feedback from the President, with the aim of ensuring fair taxation while protecting residential welfare.

Ha also indicated rental market support measures are in preparation, noting that increased supply and trust restoration in the jeonse market are key priorities. On loan regulations, he signaled the government may ease restrictions selectively for actual homebuyers while continuing to discourage demand-driven lending, saying some current restrictions are unreasonable.