Top headlines in major S. Korean newspapers

On August 4, major South Korean newspapers covered a planned targeted hike in comprehensive real estate holding taxes, specifically targeting non-owner-occupied ultra-high-value homes. Korean-language dailies such as Kyunghyang Shinmun and Seoul Shinmun reported that owners of single homes worth over 4 billion won will face a "real estate holding tax bomb," with the comprehensive tax set to rise for properties worth 3.5 billion won and above.

Donga Ilbo and Chosun Ilbo highlighted that the tax increase will begin with single homes worth 3.5 billion won.

English-language dailies, including the Korea Herald and Korea Times, emphasized the tax overhaul's reward for residential owners while targeting those with multiple properties. The Korea Herald reported that Lee's approval rating hit a new low due to housing and stock market turmoil. Meanwhile, Maeil Business Newspaper and Hankyoreh indicated that comprehensive real estate holding taxes would rise for non-owner-occupied homes worth over 3.2 billion won starting next year.

Hankook Ilbo and Maeil Business Newspaper emphasized the requirement of owner occupancy for long-term holding tax deductions, with taxes to rise for homes worth 3.2 billion won or more. The Korea Economic Daily reported that 170,000 households will face the tax hike, leading to an additional 9 trillion won in comprehensive real estate holding tax collections over five years.