Seoul: Cheong Wa Dae announced that the exemption of heavy capital gains tax for owners of multiple homes will come to an end on May 9. This decision aligns with President Lee Jae Myung's intention to stabilize the property market.

According to Yonhap News Agency, presidential spokesperson Kang Yu-jung confirmed the deadline, addressing media speculation about a possible extension of the tax breaks. Currently, capital gains taxes on real estate sales vary between 6 and 45 percent. Homeowners with two properties in designated speculative zones incur an extra 20 percentage points, while those with three properties face a 30 percentage-point surcharge on top of the base rate.

When questioned about whether this measure is part of a larger tax overhaul, Kang explained that the government is implementing various strategies to stabilize the housing market. Lee views revising property holding taxes as a "last resort" and prefers to first focus on ensuring the effectiveness of existing policies. Kang emphasized that revising these taxes will only be considered if current measures fail to achieve the desired outcomes.