South Korea recently announced a package of drastic tax measures aimed at curbing a real estate bubble. To stop speculation in residences and land in the country, they increased capital gains taxes. Investors who own two homes will pay up to 50 percent, up from previous rates of between nine and 36 percent. Investors who own three homes will pay even more, up to 60 percent.
Global credit rating agency Fitch expressed concern about the tax to stop the bubble in Korea. Fitch reports that the real estate bubble is limited to parts of the country. Fitch also said there was no evidence of a serious real estate bubble in Korea, except for affluent Southern Seoul.
I'm glad we invest in Southern California.
© 2005 Jeanette Fisher. All rights reserved.
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