조정대상지역 다주택자 양도세 최고 75% 적용…4년 만에 중과세 재개 싱가포르·스웨덴 등 해외 사례서 얻는 교훈..."공공 공급 확대가 안착 조건"
File photo not related to the article. Gyeonggi Ilbo DB
The ‘heavy capital gains tax for multiple homeowners’ measure is expected to be implemented in earnest after May 9 to suppress speculative demand in the real estate market and create a residential environment centered on actual consumers.
Given the government’s will to resolve asset inequality and reorganize the market, some say that a systematic housing supply response is needed for the remaining period.
According to the real estate industry on the 14th, the increased transfer tax will be promoted as a measure to establish the principle that housing is a ‘residential space’ rather than a ‘means of speculation’. The purpose is to correct the flow of properties that have been distorted due to excessive ownership of multiple homes and to encourage properties for sale at appropriate prices to appear in the market.
Previously, on the 29th of last month, the government proposed a plan to supply about 60,000 households in the metropolitan area by utilizing idle public land and public institution sites. The plan was to secure a large number of volumes in regions such as Gwacheon and Seongnam, which are comparable to ‘Junigangnam’, but it is still difficult to determine how much volume will actually start construction and at what speed it will take place.
In order for regulatory measures such as increased transfer tax to be effective and for actual consumers to seize the opportunity to ‘buy their own home’, careful policy measures in terms of ‘public supply’ in line with the regulations must also be implemented.
Excerpts from data on ‘Comparison of Housing Supply Systems in Four Major Countries’ published by the Korea Land and Housing Corporation (LH) Land and Housing Research Institute in May last year. A comparison of the public development project structures in Singapore and Korea.
Looking at the data on ‘Comparison of housing supply systems in four major countries’ published by the Korea Land and Housing Corporation (LH) Land and Housing Research Institute last year, countries that achieved housing stability had a clear harmony between regulation and public supply.
Singapore, a representative success story, nationalized about 90% of the country’s land through a strong land expropriation law and had the Housing Development Board (HDB) supply high-quality public housing, which accounts for 65% of all housing. By encouraging the ownership of public housing led by the central government, this suggests that the market will not be shaken if the public provides a clear housing alternative even if there are tax regulations.
On the other hand, in Sweden, which pursues universal welfare, anyone over the age of 18 can register on the public housing waiting list without income restrictions, but due to the supply speed not keeping up with demand, the average waiting period as of 2024 in Stockholm reached 11.6 years, showing structural limitations.
Venezuela, which had chosen a resource-dependent, state-led model, also launched a large-scale offensive (GMVV project) by investing oil money, but due to the national financial crisis and lack of public management, poor construction and corruption were rampant and policy momentum was lost. This means that if you focus only on regulations or quantity while the supply system is not functioning properly, you may experience side effects such as increased housing costs or decreased quality.
The report suggested that, as in the case of Singapore, an urgent priority is to secure stable financial resources (CPF) and strengthen the land reserve function to give the market confidence that ‘the public is responsible for sufficient supplies’. In the end, it can be said that whether or not our real estate market makes a soft landing after May 9 will depend on how quickly and high-quality housing can be supplied to the market by public institutions such as LH.
Meanwhile, as announced by the government, the ‘heavy capital gains tax for multiple homeowners’ measure will be reimplemented from May 9. The measure, which was introduced from April 2018 to May 2022 during the Moon Jae-in administration and repeatedly postponed under the Yoon Seok-yeol administration, is being resumed after four years.
A tax rate of up to 75% (82.5% including local taxes) is applied to the transfer gains of houses in adjustment areas owned by multiple homeowners. On the 12th, the Ministry of Finance and Economy held a joint briefing with the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, and other related ministries and made the final announcement, saying, “The measure to postpone heavy capital gains tax for multiple homeowners will end on May 9, 2026, the currently scheduled sunset date.”
Cho Man-hee, head of the tax system at the Ministry of Finance and Economy, said, “Heavy transfer tax will be applied to sales contracts concluded after May 9 without exception. However, depending on the lease situation, the application of heavy transfer tax and the actual residence obligation under the land transaction permit system will be postponed for a certain period of time.”
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date: 2026-02-14 18:04:00
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