00:02You're listening to AI Prism from Seoul Economic Daily.
00:06The government just backed off a plan to raise taxes on non-resident single homeowners.
00:11But experts say it won't move the market much.
00:15Local savings banks are drowning in real estate loan defaults, with some delinquency rates topping 30%.
00:22HANA Bank just reopened mortgage and John's loan intake through brokers, only 10 days after shutting it down.
00:28And Seoul City is pressuring one of its own districts to stop stalling a major redevelopment project.
00:36It's Wednesday, September 2nd.
00:39Let's look at what's happening in Korea's property market.
00:42The ruling party pushed back on the government's original tax bill after public backlash over treating non-resident homeowners differently
00:49from resident ones.
00:51At the same time, prolonged weakness in regional property markets is colliding with rising interest rates to strain smaller lenders.
00:59And financial regulators just loosened household lending limits after tightening them for months.
01:04Here's what the numbers show.
01:06The government finalized its tax bill, keeping the non-resident single homeowner deduction at $1.2 billion instead of cutting
01:14it to $900 million,
01:16and holding the tax burden cap at 150% instead of raising it to 200%.
01:21Three savings banks now carry real estate loan delinquency rates above 30%.
01:26KB Savings Bank at 35.1%,
01:30Seng Sangen at 30.83%,
01:32and Daemyung at 30.07%,
01:35with 40 lenders now above the 10% mark, up from 35 last year.
01:41Regional housing makes up 71% of the nation's 68,217 unsold units,
01:48and 85% of the bad, unsold stock that's already completed but still empty.
01:54Hanna Bank resumed mortgage and jauntz loan broker intake for November disbursements just 10 days after suspending it,
02:01after regulators doubled the banking sector's household loan growth target from 1.5% to 3.0%.
02:09Seoul City is adding 17,500 more Mirei Nei JIP public housing units for newlyweds by 2030,
02:17on top of 7,108 units already supplied since 2024.
02:23So what does this mean for buyers weighing a purchase this year?
02:27Earlier, we said the government backed off tighter taxes on non-resident single homeowners.
02:33Here's what that actually means for you.
02:35Pause.
02:45If you're watching for distressed sales, the real pressure point now sits with capital gains rules,
02:51which weren't touched, and with regional markets, where savings bank defaults keep climbing.
02:57What to watch?
02:58Whether Yongno Gu finally approves developer status for the Changsin, 9 in 10 redevelopment zones after Seoul City's intervention.
03:07Regional savings bank delinquency data next quarter, a fourth straight rise above 30%, would signal deeper distress.
03:15And how much of the newly expanded household loan quota actually reaches individual mortgage borrowers versus group loans?
03:22That's today's AI-PRISM, real estate.
03:26This episode was produced with AI assistance based on Seoul Economic Daily reporting and reviewed by a human editor.
03:33AI-PRISM is a Juan Ifra award-winning series.
03:37We'll be back tomorrow.
03:38You've been listening to AI-PRISM from Seoul Economic Daily.
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