One of the major crises facing today's younger generation across much of the world is the difficulty in accessing their first home, a problem faced by countries such as Spain and South Korea. But in the case of South Korea, it appears the government is set to start making life difficult for property speculators and large-scale property owners who are hoarding the entire housing stock, driving up prices and restricting free access to the market.
According to a Reuters report, the South Korean government today, Monday, has launched a reform to increase taxes on large property owners in the country, in an attempt to quell public discontent over high house prices and stock market volatility.
"We will reform property taxes in a reasonable manner to establish a residential-oriented property market, based on the principle that a home is a place to live, not to buy," said Finance Minister Koo Yun-cheol.
Regarding the changes included in the announced annual revisions to the tax code, the Ministry of Finance has proposed increasing property tax exemptions for those who own and live in their own home, whilst reducing them for everyone else.