Starting from today, South Korean regulators have lowered the commissions real estate agents can charge for their services, especially for higher-end homes.
The rates stay the same for homes under about half a million U.S. dollars.
But the biggest reduction is for homes worth about 750-thousand to a million dollars.
There the rate comes down from zero.9 percent to point-5 percent.
That would cut the agent's commission by more than three thousand dollars.
The rate for rental transactions for homes in the same range goes down by four tenths of a percentage point.