South Korea Moon says will unveil fresh measures to calm housing market if current regulations fail

FILE PHOTO: South Korea's President Moon Jae-in delivers a New Year address at the Presidential Blue House in Seoul, South Korea, January 7, 2020. Yonhap via REUTERS

SEOUL (Reuters) - South Korean President Moon Jae-in said on Tuesday the government will announce fresh property market regulations and review if taxes need to be raised if current measures fail to calm surging home prices.

“(The government) will endlessly announce stronger measures” should current measures run out of its course and become ineffective, Moon said at a news conference at the presidential Blue House.

The government in December banned mortgage lending on properties over 1.5 billion won ($1.30 million) and further tightened mortgage rules on homes valued cheaper than that.

Reporting by Cynthia Kim, Joori Roh; Editing by Himani Sarkar