* 현재 컨텐츠 정보를 준비 중에 있습니다.

[닫기]

1. CONTENTS
(1) RESEARCH OBJECTIVES
This study aims to lay the ground for the government's anti-real estate speculation measures in Korea. The government's comprehensive anti-speculation measures raising property holding taxes on owners of more than one home may be more effective than any other ways. The measures, highlighting stiff tax hikes for home and land owners may cut demand in the short term, bringing down home and land prices. But the expansion policy of home supply may be not much more effective. Such a policy as anti-speculative demand can't be fully implemented through the disturbance. To overcome all difficulties for implementing real estate policy, the government should have the philosophic ground.
(2) RESEARCH METHOD
theoretical and empirical analysis
(3) RESEARCH RESULTS
About 890,000, or 5 percent, of the total 17.77 million households own two or more houses in Korea. The multi-home owners held an average of 2.66 houses with the number of their houses standing at 2.37 million, which accounts for 21.2 percent of the total 11.19 million homes. 9.71 million, or 54.6 percent, of the total households have their own houses. However, the remaining 45.4 percent do not have their own houses, while just 5 percent of the total households own two or more houses. This study highlights the disparity in ownership of houses between the rich and the poor. I think this disparity comes from the speculative demand. Therefore, anti-speculative measure should take action to dissolve the disparity.
Korean government should attempt to curb speculative demand by slapping prohibitive taxes, while increasing supply for end users. The government also should do well to reduce acquisition and registration taxes to protect non-speculative consumers in contrast to far heavier property and capital gains taxes on owners of more than two homes.
Creating a small new town in southeastern Seoul appears to reflect the soaring demand for large, luxurious apartments among the mid- to high-income bracket. The supply-side approach is necessary to stabilize housing prices, but requires extra caution not to add fuel to the already raging speculative fervor.
2. RESULTS
Korean government's real estate policies should be enhanced to clamp down on property speculation, because the policies were too weak and ineffective to rein in rising real estate prices. I support restricting real estate transactions by multi-houses owners if necessary to control speculation. The heavier taxes for multiple homeowners should be introduced to let multi-houses owners to sell their houses by themselves.
The comprehensive anti-speculation policy, which aims to balance both demand and supply factors and is supplemented by financial devices should be implemented. But the issue is whether the government can beat speculators.
3. KEY WORDS
real estate policy, anti-real estate speculation, speculative demand, anti-speculation measure, bubble of home prices

[닫기]