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More people register for property rental businesses on tax benefits

All Headlines 10:19 August 13, 2018

SEJONG, Aug. 13 (Yonhap) -- The number of people newly registered for property rental businesses in July leaped 52.4 percent from the same month last year, data showed Monday, likely a result of tax benefits offered by the government.

Compared to the previous month, the latest number is an increase of 18.7 percent, according to the Ministry of Land, Infrastructure and Transport.

Registrations for home rental businesses were up 28.2 percent, or 20,851 housing units, from last year.

The capital Seoul and its surrounding Gyeonggi Province accounted for 71.5 percent of the new property rental business registrations. In Seoul, 28 percent of the total registered were in the four key districts in the southern part of the city, considered the most expensive and investment-worthy part of the capital.

Following the two regions were Incheon, a port city west of Seoul; Busan, the largest port city in the country's southeast; Daegu, also southeast of Seoul; and the central province of South Chungcheong.

Seoul and Gyeonggi Province accounted for 67.4 percent of all new home rental business registrations in the country. Registrations in the four key districts of southern Seoul accounted for 35.5 percent of the total for the capital city.

The total number of homes certified for rentals came to 1.17 million units as of end of last month, the data showed.

The government announced tax code revisions on July 30 that gave incentives for people who register their lease businesses by enlarging tax breaks and lowering the amount of taxable income.

More people register for property rental businesses on tax benefits - 1


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