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New real estate commission guidelines go into effect Tuesday Updated: 2021-10-19 19:54:29 KST

Starting from today, a new set of guidelines governing commission rates for real estate agents will go into effect.
The maximum commission for buying or selling a house has been set depending on the value so for a house priced at over one billion won, or roughly 845-thousand U.S. dollars, the rate will now be 42-hundred dollars down from 76-hundred.
And for rentals, it'll go down to 34-hundred from 68-hundred which is exactly half the original price.
The Ministry of Land, Infrastructure and Transport introduced the scheme to lessen the burden of broker charges.
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