The government has decided to lower the real estate brokerage fee.
First, the Ministry of Land, Infrastructure and Transport lowered the commission rate between 600 million won and 900 million won from 0.5% to 0.4%.
For houses worth 900 million won or more, the criteria were subdivided.
The commission rate, which is 0.9% for over 900 million won, 0.5% for 900 million won to 1.2 billion won, 0.6% for 1.2 billion won to 1.5 billion won, and 0.7% for ultra-high-priced houses over 1.5 billion won.
For example, if an apartment is sold for 1 billion won, the brokerage fee, which was previously up to 9 million won, will be lowered to 5 million won or less.
The upper limit rate for Jeonse changes to 0.3% for KRW 100 million to KRW 600 million, 0.4% for KRW 600 million to KRW 1.2 billion, 0.5% for KRW 1.2 billion to KRW 1.5 billion, and 0.6% for KRW 1.5 billion or more.
The Ministry of Land, Infrastructure and Transport has expanded the limit guaranteed by real estate agents in case of an individual brokerage accident from 100 million won to 200 million won per year.
The cut in brokerage fees according to this reorganization plan is expected to take effect as early as October.