South Koreans Sour on Real Estate Policies, Expect Rent Hikes After Tax Reforms

A recent nationwide survey reveals significant public dissatisfaction with the current administration's real estate policies, with 56% of respondents deeming them "flawed." This sentiment remains consistent with a previous poll conducted two weeks prior, which also found 56% disapproval. Only 34% of those surveyed expressed approval for the government's handling of the real estate market.

The survey also delved into public opinion on the "August 3rd real estate tax reform package." This package includes measures to strengthen property tax burdens on high-value homes and implement differentiated taxation based on residency status. Opinions on this reform are closely divided, with 46% in favor and 41% against, falling within the margin of error. Notably, homeowners with two or more properties showed a higher rate of disapproval for the government's overall real estate policies, reaching 67%.

Furthermore, the survey explored expectations regarding the impact of the tax reforms on rental prices. A substantial 55% of respondents believe that the reforms will cause rental prices to "rise." In contrast, 27% anticipate no significant change, and only 8% expect prices to decrease. The poll was conducted between August 10th and 12th, surveying 1,001 adults nationwide.