The government unveiled yet another set of real estate measures Friday, less than a month after it rolled out tough rules to curb soaring housing prices, specifically in the Seoul metropolitan region.
The finance ministry announced property ownership tax will be raised by up to 6 percent for people who own more than two homes in regulated areas and for those with more than three homes regardless of region.
The punitive tax rate is nearly twice the current 3.2 percent ownership tax applied to multiple home owners.
Finance Minister Hong Nam-ki said the government had no choice but to add pressure on owners of multiple homes because "they cause a big cost in society."
He explained the additional tax revenue from multiple home owners will be used to build more homes for low-income households.
Hong pledged that the government will rein in property speculation while continuing to ease tax burdens for first-time home buyers.
<Photo: Yonhap News>
