Korean Government Offers Cuts In Tax, House Supply To Boost Property Market

From Yonhap:

The government on Monday announced a set of measures aimed at revitalizing the country's sluggish real estate market, including tax breaks for first-time homeowners and a cut in supply of new homes to keep prices from falling.

The measures are the first of their kind under the Park Geun-hye administration, which came into office late February, but they mark a complete turnaround from the previous policy where the government sought to curb housing prices by increasing supply.

"The government will break with its earlier stance of suppressing demand and expanding supplies that was adopted during a phase of price hikes, and seek to ensure an early recovery of the housing market through tax and financial incentives, along with relaxation of its regulations and its involvement in the market," the Ministry of Land, Infrastructure and Transport said in a press release.

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