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South Korea to Strengthen Wealth Tax on Ultra-Luxury Homes Over 5 Billion Won

GateNews
According to Seoul Economy, on July 14, South Korea's President Lee Jae-myung announced plans to increase the wealth tax burden on ultra-luxury residential properties, with a likely threshold of 5 billion won in market value. The new tax bracket would likely include many newly built apartments in Gangnam with floor space of 84 square meters or larger. President Lee stated he had considered the 5 billion won benchmark, signaling this as the probable baseline for the tax reform to be finalized by end of July. Additionally, Seoul Mayor Oh Se-hoon formally proposed eight deregulation measures to the government, including raising the LTV (loan-to-value ratio) for reconstruction relocation loans from the current 60% to 70%, aimed at accelerating housing supply.
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