00:02you're listening to ai prism from seoul economic daily before you sign anything in korea's property
00:09market the tax rolls and the loan rates just moved at the same time president lee said property taxes
00:16may need to triple to match developed country levels meanwhile one town near seoul saw prices
00:22jump 100 million won in a single month and mortgage rates are pushing past 7.5 percent it's friday july
00:3024th let's look at what's happening in korea's property market the government is weighing steep
00:37property tax hikes on ultra high value and multi-home holdings while sparing ordinary single
00:43home owners that policy debate is unfolding just as new regulation in kuri pushed buyers into
00:49neighboring namyanju's tasan newtown driving up prices there instead at the same time banks are
00:56raising both deposit and mortgage rates ahead of a possible base rate increase here's what the numbers
01:02show president lee said property taxes need to rise at least threefold to reach developed country norms
01:10with steeper rates for ultra high value and multi-home properties
01:14a tasan newtown apartment sold for 1.078 billion won about 728 400 dollars on july 14th exactly 100
01:26million won more than the same unit fetched a month earlier five major banks mortgage rates now range from
01:334.82 percent to 7.55 percent with nh nongyup's top rate breaking past 7.5 percent seoul will scrap
01:44mandatory
01:44retail space requirements across 61 semi-residential zoning districts clearing the way for all apartment
01:51redevelopment hana nh woody shinhan and kb banks all raised one-year deposit rates by roughly 0.25 to 0
02:01.3
02:02percentage points this week so what does this mean for buyers weighing a purchase this year
02:08earlier we said property taxes could triple that mainly hits ultra high value and multi-home owners
02:15not typical single home buyers the bigger near-term risk for most buyers is financing deposit rate hikes
02:23are pulling mortgage rates up just as regulation driven demand spills into unregulated neighboring towns
02:29anyone financing a purchase this quarter should lock in rate terms before the next base rate decision
02:36and watch whether tasan style balloon effects spread to other regulation adjacent areas
02:42that's today's ai prism real estate this episode was produced with ai assistance based on sole economic
02:50daily reporting and reviewed by a human editor ai prism is a juan ifra award-winning series
02:57we'll be back tomorrow you've been listening to ai prism from sole economic daily
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