20 Jun '17, 1pm

South Korea tightens housing rules amid soaring household debt - PropertyGuru Singapore

In a bid to cool the red hot housing markets amid surging household debt, South Korea unveiled measures aimed at tightening mortgage restrictions as well as curbing speculative resale of houses in Seoul and parts of Busan, reported Reuters. Starting from 3 July, the loan limits for home buyers will be reduced from the current 70 percent to 60 percent of the property’s value in regions showing signs of overheating such as Seoul, said the finance ministry and financial regulator. Debt repayments in Seoul will be limited to 50 percent of the annual income of borrowers. The resale of newly built apartments in Seoul as well as some parts of Busan will also be restricted, until the completion of the registration of property ownership. Instead of rolling out nationwide measures, the government is using a targeted approach in order to reduce the impact on the construction sector, ...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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