Estate agent commission fees will be lowered for buyers who purchase properties exceeding 600 million won.

The Ministry of Land, Infrastructure, and Transport has modified the rate of estate commission.

Previously, the rate of commission was 0.9% for properties over 900 million won. The rate will now be 0.5% for estates over 900 million won and below 1.2 billion won, 0.6% for properties over 1.2 billion and below 1.5 billion won and 0.7% will be applied for houses that are more expensive than 1.5 billion won.

Thus, brokerage fees of one billion won worth of apartments will be lowered from 9 million won to 5 million won.

The modified commission rates will be in effect from October at the earliest.