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Owners of multiple homes must file sales permits by May 9 to avoid higher taxes: Finance Ministry

Published: 09 Apr. 2026, 16:29 Updated: 09 Apr. 2026, 17:11

Apartment complexes are seen near the Han River on March 8. [YONHAP]

The government will exempt owners of multiple homes from higher capital gains taxes should they file for sales permits by May 9, the Ministry of Finance and Economy said Thursday.

The move follows President Lee Jae Myung's directive earlier this week to introduce supplementary measures that give owners of multiple homes extra time to sell their properties before the exemption ends, as the law imposing higher taxes is set to take effect on May 9.

The ministry said the grace period for owners of multiple homes in designated speculative areas will end as scheduled on May 9, but those who apply for land transaction permits by the same day will be excluded from the heavier tax.

Accordingly, sales transactions of properties in Seoul's long-designated speculative zones, such as Gangnam District, Seocho District, Songpa District, all in southern Seoul, and Yongsan District, central Seoul, need to be completed by Sept. 9, the ministry added.

For those in the remaining 21 other districts of Seoul that were newly designated as speculative zones in October, owners have up to six months, or until Nov. 9, to complete transactions.

The maximum tax rate on capital gains from homes in designated speculative areas, primarily in the greater Seoul region, will reach 75 percent as part of the government's effort to curb rising housing prices.

Yonhap