South Korea is planning to curb the heat of real estate

In a meeting with other ministers, Minister Yoo Il-ho said Korea Finance is preparing to implement measures to stabilize the real estate market in Sejong, Seoul, and some areas in Busan, Gyeonggi, to ensure that the direction to meet market demand.

3/11 last day, Mr. Yoo Il-ho, South Korea's finance minister said the country is planning to curb volatility overheated real estate market.

South Korean real estate

The South Korean authorities are working to "cooling" speculation on

real estate in Seoul and some areas in Busan. Photo: EPA

South Korea's finance minister, Yoo Il-ho said that the country is planning to restrict the resale of new homes built in Seoul and Busan areas, in an effort to curb volatility "hot" real estate market.

In a meeting with other ministers, Minister Yoo Il-ho said Korea Finance is preparing to implement measures to stabilize the real estate market in Sejong, Seoul, and some areas in Busan, Gyeonggi, to ensure that the direction to meet market demand.

Under the plan, the entire Seoul, Sejong administrative municipality will face new measures to limit trading houses, while only some areas in Gyeonggi and Busan forced to apply measures so as not to affect other areas.

Thus, those who bought real estate in Seoul will have to prolong retain ownership from the current level of 6 months to 18 months before you can sell.

As concerns the real estate market too "hot" will cause many risks for the domestic economy, the South Korean authorities are working to "cooling" speculation in real estate in Seoul and a some areas in Busan.

Kookmin Bank figures show that in the month 10/2016, apartment prices in Gangnam district in Seoul has risen 5.08% over the same period last year, higher than the average increase of 1.8% over the country.