All home buyers in Seoul are now required to provide proof of their financial resources to the government, starting from this Tuesday.

The Land Ministry said the revised real estate transaction laws are now put in place in an effort to curtail the rising home prices in capital Seoul and other government-designated speculative areas. 

The government had previously required the submission of financing plans only for home purchases exceeding 300 million won, or some 265-thousand dollars. 

The revision, however, calls for financing plans as well as bank statements and other proof of resources needed for the transaction regardless of the price of the property in the speculative zones.  

The heightened regulations are aimed at screening out illicit cash inheritances during property transactions as well as illegal loans, which the government found were the remaining hurdles in curtailing home prices.