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KOREAN LAWMAKERS TO PASS BILL FOR STABILIZING HOUSING PRICES.
SEOUL, March 1 Asia Pulse - Lawmakers agreed to pass a bill on Wednesday that is expected to help stabilize runaway housing prices that have fueled real estate bubble concerns in the past few years.
Members of the National Assembly's construction and transportation subcommittee passed the bill that will impose a price cap on newly-built apartments and force developers to disclose construction costs. The proposal was first forwarded by the government on Jan. 11 to stem the rise in housing prices.
The new law will go into effect in September, and will apply to both public and private contractors.
The agreement means the bill will almost certainly be passed by a plenary session of the parliament.
Prices of newly-built houses will be calculated by adding up the cost of land, basic construction costs and legitimate extra expenses. New owners of homes will be barred from selling them for a minimum period of time to prevent real estate speculation.
Steep price hikes in the past allowed some people to take out loans to buy homes and then sell them in a relatively short period of time for sizeable profits.
Lawmakers decided to limit cost disclosures to newly-built apartments in Seoul, Incheon, Gyeonggi ...
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