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Interest Rate Hikes Lead to Sharp Decline in Consumer Spending Among Homeowners in Their 30s and 40s

Interest Rate Hikes Lead to Sharp Decline in Consumer Spending Among Homeowners in Their 30s and 40s

SEOUL, Feb. 26 (Korea Bizwire) – Amidst the ongoing economic challenges marked by high inflation and interest rates, recent data has revealed that individuals in their 30s and 40s who have taken on debt to purchase homes are the ones who have most drastically cut back on their spending following the rise in interest rates. A [...]

Domestic Companies Emerge as Major Investors in Office Buildings Amid High Interest Rates and Economic Slowdown

Domestic Companies Emerge as Major Investors in Office Buildings Amid High Interest Rates and Economic Slowdown

SEOUL, Feb. 11 (Korea Bizwire) – In the midst of rising interest rates and a challenging economic landscape, the market for office property transactions in South Korea has seen a notable decline. Despite these conditions, financially solid domestic firms have stepped up as prominent buyers, eagerly purchasing office buildings to serve as their corporate headquarters. [...]

Housing Prices and Private Education Costs Significantly Influence Birth Rates in South Korea, Study Finds

Housing Prices and Private Education Costs Significantly Influence Birth Rates in South Korea, Study Finds

SEJONG, Jan. 4 (Korea Bizwire) –A recent study has revealed that housing prices are the most significant factor affecting the decision to have a first child, while the cost of private education becomes more influential for subsequent children. The study on future birth rates in South Korea showed that the factors most affecting the decision [...]

Seoul Faces Serious Residential Segregation According to Housing Prices, Study Finds

Seoul Faces Serious Residential Segregation According to Housing Prices, Study Finds

SEJONG, Dec. 21 (Korea Bizwire) – A recent study has revealed a significant degree of residential segregation in Seoul, characterized by distinct divisions between high-priced and low-priced housing areas. The Korea Research Institute for Human Settlements released these findings in its report titled ‘Residential Segregation by Housing Prices and Policy Implications,’ which utilized publicly announced housing [...]

Gov’t to Not Authorize Apartment Completion Unless Inter-floor Noise Level Meets Standards

Gov’t to Not Authorize Apartment Completion Unless Inter-floor Noise Level Meets Standards

SEOUL, Dec. 11 (Korea Bizwire) – The land ministry said Monday it will not authorize the completion of newly built apartments if inter-floor noise levels fail to meet accepted standards. As part of measures to tackle widespread social problems surrounding noise disputes between neighbors, the ministry said it will also strengthen quality control by measuring [...]

Data Reveals Over 85,000 Foreigners Own Homes in South Korea

Data Reveals Over 85,000 Foreigners Own Homes in South Korea

SEOUL, Nov. 29 (Korea Bizwire) – Over 85,000 foreign nationals own a house in South Korea, with Chinese possessing more than half of real estate properties held by foreigners in the country, government data showed Wednesday. A total of 85,358 foreign nationals owned a house in South Korea as of end-June, up 4.6 percent from [...]

Data Reveals 70 pct Greater Household Assets in Capital Areas Compared to Non-Metropolitan Regions

Data Reveals 70 pct Greater Household Assets in Capital Areas Compared to Non-Metropolitan Regions

SEOUL, Sept. 30 (Korea Bizwire) – Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 [...]

Government Plans to Provide 120,000 More Public Homes by 2027

Government Plans to Provide 120,000 More Public Homes by 2027

SEOUL, Sept. 26 (Korea Bizwire) – South Korea will supply 120,000 public homes in addition to the existing plan to deliver 2.7 million new homes by 2027 to offset the declining private-sector home supply amid higher lending rates, the land ministry said Tuesday. In August last year, the government announced the public home supply plan [...]

Seven Korean Companies Secure Spots on Deloitte Korea’s 2022 List of Top 100 Global Builders

Seven Korean Companies Secure Spots on Deloitte Korea’s 2022 List of Top 100 Global Builders

SEOUL, Sept. 20 (Korea Bizwire) – Samsung C&T Corp. and six other South Korean companies have ranked among the world’s top 100 builders based on their 2022 sales, Deloitte Korea said Wednesday. Samsung C&T, the construction and trading arm of South Korea’s No. 1 conglomerate Samsung Group, placed 15th, down two notches from a year [...]

Hyundai E&C Forms Partnership Agreement with Energy IT Startup

Hyundai E&C Forms Partnership Agreement with Energy IT Startup

SEOUL, Sept. 11 (Korea Bizwire) –Hyundai Engineering & Construction Co. (Hyundai E&C) said Monday it has signed a partnership deal with a local energy IT startup via an equity investment in an effort to break into the power brokerage business. Hyundai E&C, South Korea’s No. 2 builder, didn’t disclose the amount of its investment in [...]