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At the real estate agent’s office in central Seoul there is a poster condemning the government’s real estate policy. / News 1
#One. The married couple, Ms Kim (43), who has been married for 7 years, has a fight if only real estate related stories come up. This is because the price of the apartment, which my wife said she would buy four years ago, increased by almost 700 million won. At the time, her husband Kim insisted on renting rather than buying and selling, saying, “What if the house price goes down?” Mr. Kim said, “Now that the rent has gone up too high, I’m looking for rent in other neighborhoods.” Whenever my wife talks about her house, she asks me, ‘Why did I stop buying a house at that time?’
# 2. Park Mo, 37, who works for a public corporation, feels sad these days every time he hears a friend tell him that he made money buying a house in Seoul. Park’s friend bought an apartment in Mapo three years ago and made huge profits. However, at the time, Park bought a house in the province when it was designated as a branch in a small town. Park’s home price has dropped. Mr. Park said, “My friend and I have similar salaries and have worked the same as payroll for several years, but just because I bought a house in Seoul, I created an asset of a size that is difficult to have in my life. .
The homeless like the homeless, the homeless like the homeless, all the people are crying out, saying, “I’m down about real estate.” People who have a home are very concerned about the tax bomb, and those who do not have a home are desperate that they cannot find one. As early as next week, Moon Jae-in’s management is expected to present real estate countermeasure number 24, but there are more opinions expressing anxiety and irritation than expected. One day is far away and the demonstrations continue throughout the city of Seoul, saying: ‘Repeal the building measures’.
Both landlords and tenants suffer from the ‘law of leasing’
According to the real estate industry on the 31st, the government and the ruling party plan to announce a ‘pre-generation plan’ as the 24th real estate countermeasure sooner or later as the rental market becomes more unstable due to the decrease in quantity by cheonsei. This is because the rise in jeonse prices is showing an atmosphere that extends the impact to the commercial market.
In the real estate market, anxiety grows in the jeonse market due to the roof system for jeonse and monthly rent that came into effect at the end of July and the right to request the renewal of the contract. The owner claims an infringement of property rights as an owner. Dissatisfaction that the rent has been reduced to ‘eul’ from tenants who cannot raise the jeonse to the market price and sell their houses freely is spreading everywhere. Jeong Mo (45), a landlord who rents a rental in a private 84㎡ apartment in Sangdo-dong, Dongjak-gu, Seoul, said: “I was asked to provide the cost of moving and real estate brokerage fees necessary to obtain a new house if the tenant wanted to leave the house on the expiration date of the lease. ” “Although the process was strictly legally guaranteed, I had no choice but to accept the excessive demand of the tenant without saying a word,” he exclaimed.
Not just the general public. It is also known that Hong Nam-gi, Deputy Prime Minister of Economy and Minister of Strategy and Finance, concerned about the ‘refugees in the world’ by exercising the tenant’s right to request the renewal of the contract, also paid consolation money to the tenants to export. The tenant was reportedly removed from the contract renewal application after receiving a consolation payment on behalf of Vice Premier Hong’s moving expenses.
The Eunma apartment area in Daechi-dong, Gangnam-gu, Seoul. / yunhap news
The tenants are also uncomfortable. From the tenant’s point of view, he is concerned about the concern that the deposit after living in ‘2 + 2 years’ could rise to an unbearable degree. There are also many tenants who are asked by the landlord to “move out because I will live in the room.” In fact, renters’ housing anxiety is increasing to the point where it is the worst of all.
According to the Korea Appraisal Board, apartment rental prices in Seoul have risen for 70 consecutive weeks until last week. The relationship between jeonse price and selling price and the trend of supply and demand for jeonse homes showed similar signs. It’s the transition from jeonse to monthly rent, or a mixture of jeonse and monthly rent, rather than raising jeonse prices, to ‘anti-jeonse’. The rate of increase in apartment rentals in Seoul for September surveyed by Kookmin Bank showed a sharp increase of 0.78% over the previous month (0.12%). This is the highest figure in 4 years and 9 months since Kookmin Bank began its investigation in December 2015.
“Is it wrong to have a house?”
It is difficult for people with multiple households to own or sell their homes in a “tax bomb.” Meanwhile, the government plans to raise the official price. The government has set itself the goal of setting the price of listed properties at 90% of the market price. If you own two houses in Seoul with a listing price of 1.6 billion won and 2.4 billion won, even if the listing price rises to 80% of the market price, the final tax will reach almost 90 million won. Considering this year’s property tax is around 30 million won, it’s almost 60 million won.
When selling a home, you must pay approximately 58% of the transfer proceeds (52% transfer tax + 5.2% local tax) as tax. After June of next year, the transfer tax rate will increase to 68%.
Property information such as letter, monthly rent, and sale are posted at the real estate agency office in Seoul. / News 1
An owner is also concerned about the tax increase. This is because the official price of mid to low priced real estate is expected to rise sharply as a result of the official price realization. As the price of advertised real estate rises, so have more than 60 various taxes, including property tax, comprehensive property tax, health insurance premiums, and old-age pensions. Yoon, who is 50 years old and owns a home in Mok-dong, Seoul, said, “Is it wrong to buy a house by working hard and saving money?”
Even those who pass the exam are “frustrated on the threshold of establishing a home in Seoul.”
Homeless people who dream of owning their own home are frustrated by high house prices and loan regulations. There are dozens of articles a day on the portal site’s big real estate cafes complaining of various anxieties related to apartment sales. Currently, more than 15,000 criticisms of real estate measures are published on the website of the National Petition of the Blue House. Most of them express their anger: “Why don’t you stop the rise in house prices?”
In one petition, a plaintiff in his 30s who said he passed the exam said: “I’ve been working hard to save every second and even a penny. I didn’t study hard for a chance, but I really didn’t know that trying to have a normal house in Seoul would be a big dream. ”
The median price of apartments in Seoul increased 53% from 6,635 million won to 927.87 million won. It is said that only people with cash can buy a home by blocking home loans and entire family loans. Meanwhile, the government is known to be considering preventing most household lending, such as credit lending, by tightening regulation on the total debt principal repayment rate (DSR). Lee Mo (33), an office worker, said: “There is no charter in the market, and although the price is going up, no loans are given even if I buy a house,” he said. “Subscription is a rice cake, but how do you plan to solve housing in the future?”
Ahn Hye-won, Hankyung.com Reporter [email protected]
