SEOUL - Mr Moon Jae-in's government has ramped up pressure on top government officials to unload their second homes in the high-priced capital Seoul, as the South Korean president faces increased pressure to make housing more affordable.
"If high officials own multiple properties, it is difficult for us to earn trust from our people," Mr Chung told a meeting of top government officials."High-level officials must set an example. To be honest, we should have done this a lot earlier." Complicating the government's task is the divergence in market trends among cities. While apartment prices in Seoul soared more than 50 per cent since May 2017 to average 925 million won last month, those in the southern port of Busan rose just 2 per cent during the same period to 295 million won.
The housing controversy has brought fresh attention to the second homes owned by top government officials, since some blame the proliferation of non-owner-occupied homes for driving up prices. While such officials have pledged to sell in the past, they haven't always followed through. The Seoul government last month announced plans to expand regulated zones that face stricter mortgage and tax rules and raise corporate property taxes to prevent speculative investment.
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