SEOUL (REUTERS) - Even with unemployment spiking as the coronavirus pandemic swept South Korea in February, Mr Baek Seung-min asked his wife to quit her nursing job to help reach a dream they had spent a lifetime chasing: buying their own apartment.. Read more at straitstimes.com.
SEOUL - Even with unemployment spiking as the coronavirus pandemic swept South Korea in February, Mr Baek Seung-min asked his wife to quit her nursing job to help reach a dream they had spent a lifetime chasing: buying their own apartment.
"Seoul home prices grew way out of reach, we had to go all the way to Incheon to buy our place," Mr Baek said."The government is crushing our dreams when they curb loans and tell us not to buy homes, it enrages me." But tighter mortgage rules featuring vastly lower loan-to-value ratios, along with various tax penalties to discourage speculative transactions, are contributing to higher rents and larger down payment requirements - hurting those the policies are intended to help.
Anger at Mr Moon's economic policies has wiped out a surge in his approval ratings from the handling of the coronavirus pandemic, slipping back to a near nine-month low of 44.5 per cent, according to a Real Meter survey on Thursday .On Tuesday, Finance Minister Hong Nam-ki said stabilising home prices was the government's biggest public welfare policy goal as plans were announced to add more than 132,000 new homes in Seoul through 2028.
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