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Lee proposes exemption from heavier tax for owners of multiple homes if they sell by May 9

Published: 06 Apr. 2026, 15:28

President Lee Jae Myung speaks during a Cabinet meeting at the Blue House in central Seoul on April 6. [JOINT PRESS CORPS]

President Lee Jae Myung on Monday suggested that the government could consider exempting owners of multiple homes from heavier capital gains tax until May 9 in an apparent effort to give them more time to sell their properties before the tax exemption expires.

Under the revised law, the government will impose a heavier capital gains tax on owners of multiple properties starting May 9. Market watchers said owners need to begin selling their properties this month to complete their transactions before the deadline.

Lee announced during a Cabinet meeting that the government could consider accepting tax relief applications by May 9, as the temporary exemption for multi-home owners is set to expire on that date for fully completed transactions.

He noted that many people understand that both the approval and the contract must be completed by then, but the time required for approval applications and reviews effectively makes property sales difficult after mid-April.

“I'm not sure there's a need to approach it that way. While maintaining the deadline, we could consider allowing cases where applications are submitted by May 9,” Lee said.

Under the revision, a maximum tax rate of up to 75 percent will apply to capital gains from the sale of properties belonging to multi-home owners in designated speculative areas, mostly in the wider capital region, as part of the government's push to stabilize rising housing prices.

A four-month grace period will be given for properties in Seoul's upscale Gangnam District, southern Seoul and Yongsan District, central Seoul and up to six months for newly designated speculative zones in other Seoul districts and some areas of the surrounding Gyeonggi. It will apply to cases in which final payments are completed or ownership registration is finalized within the specified time frame.

Yonhap