SEOUL: South Korea plans to unveil measures to boost its housing market later on Tuesday, Mar 22, the finance ministry said, in a move likely intended to cushion the impact from an expiry next week of easier borrowing rules brought in last August.

The ministry said in a text message to reporters that the government would unveil the measures at 6.30pm (0930 GMT). It did not elaborate.

Yonhap news agency reported the government would let the borrowing rules expire at the end of the month as planned and instead lower tax on home buyers in an effort to prevent the housing market from being hit.

It did not provide a source for the details.

In August last year, the government suspended most the rules limiting the amount of mortgage loans a borrower could take relative to annual income.

There had been speculation that the measures could have been extended beyond the end of this month.

South Korean housing prices have been gradually recovering since late last year in line with the recovering economy, but rising interest rates and and a population peak in a few years has hit sentiment. — Reuters

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