Seoul: The government has announced a temporary exemption for owners of multiple homes from higher capital gains taxes, provided they file for sales permits by May 9, the finance ministry revealed on Thursday. This decision aligns with President Lee Jae Myung's recent directive to implement measures that offer homeowners additional time to sell their properties before the new tax law takes effect on May 9.

According to Yonhap News Agency, the finance ministry has clarified that the grace period for homeowners in designated speculative areas will conclude as planned on May 9. However, those who apply for land transaction permits by that date will be exempt from the increased tax burden. This initiative aims to ease the transition for property owners as the government moves to enforce stricter tax regulations.

The ministry further specified that property sales in Seoul's well-known speculative districts-Gangnam, Seocho, Songpa, and Yongsan-must be finalized by September 9. In contrast, homeowners in the 21 other Seoul districts, newly identified as speculative zones in October, are granted until November 9 to complete their transactions.

The updated tax policy, set to impose a maximum tax rate of 75 percent on capital gains from home sales in speculative areas, is part of the government's strategy to address the escalating housing prices in the greater Seoul region.