45% of South Koreans expect negative impact from tax reforms: poll

South Korea's latest real estate tax reform package, which includes enhanced property taxes on ultra-luxury homes and differentiated taxation for occupied and unoccupied properties, faces significant public skepticism. A poll conducted by Korea Gallup found that 45% of respondents anticipate negative consequences from the revised policies, while only 24% expect positive effects. The survey, which polled 1,000 adults nationwide, also showed 12% predicting no impact and 19% remaining undecided.

The government's reform, announced earlier this month, aims to increase comprehensive real estate holding taxes for properties valued above 3.2 billion won (approximately $2.3 million USD) and for single homeowners who do not occupy their properties. This move has drawn criticism from various segments of the population, with a majority of respondents, excluding supporters of the main opposition Democratic Party and those identifying as progressive, expressing pessimism about the market's reaction.

Public opinion on the level of government intervention in the housing market leans towards reduced involvement, with 40% advocating for less intervention. Conversely, 27% believe the government should increase its role, and 20% feel the current level of intervention is appropriate. When asked about the ideal state for housing market stabilization, the most common response was the ability to reside in a property long-term without the necessity of purchasing it, cited by 33% of participants. This was followed by a general decline in Seoul apartment prices (30%) and a stable market without significant price fluctuations (24%).