Finance Minister Hong Nam-ki, far left, and Minister of Land, Infrastructure and Transport Kim Hyun-mee, third from left, exit a briefing room in Seoul Monday. [YONHAP]Regulations are being tightened on property as the market shows no sign of cooling despite a raft of measures from the Moon Jae-in administration.The new measures include those related to tax, loans and maximum prices.Only the capital gains tax was eased, on the hope that the lower rate will encourage owners of multiple properties to sell their surplus apartments.On Monday, the government banned all loans to owners of apartments worth more than 1.5 billion won ($1.3 million) in areas that are considered speculative or overheated by the government.This effectively means that anyone in Seoul with an apartment above the limit will be prevented from borrowing, as all Seoul is considered speculative.The loan ban is effective today and affects all new borrowings.Loan-to-value (LTV) ratios on apartments whose market value exceeds 900 million won are also being tightened.While apartments valued under 900 million won in the speculative and overheated areas will still be subject to a 40 percent LTV ratio, and those valued above 900 million won will only be able to get a 20 percent loan…. Read full this story
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