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Apartment Fever Grips S. Korea

Apartment Fever Grips S. Korea

SEOUL, Oct. 5 (Korea Bizwire) — A 41 year-old office worker earned a windfall of 80 million won (US$71,000) over a canceled apartment transaction, a case that underscores the recent rapid surge in home prices in Seoul. The salaried worker of a major South Korean conglomerate made a down payment of 10 percent of the [...]

Young Adults Must Save for 15 Years to Buy Apartment in Seoul

Young Adults Must Save for 15 Years to Buy Apartment in Seoul

SEOUL, Sept. 26 (Korea Bizwire) –A new study has found that young adult couples in their 20s and 30s must save up for more than 15 years without spending a single cent in order to purchase a respectable apartment unit in Seoul. According to Statistics Korea, the average monthly disposable income for households under 39 [...]

Housing Prices in Seoul Surge, Living Space in the Capital Smallest in the Nation

Housing Prices in Seoul Surge, Living Space in the Capital Smallest in the Nation

SEOUL, Sept. 26 (Korea Bizwire) –The average living space for households in Seoul was found to be the smallest in South Korea. In addition, the living space in the Gangnam district including Seocho-gu was greatest of all the 25 municipalities in Seoul. According to data released by Statistics Korea yesterday, the average living space per [...]

Fake Divorces Emerge as a Way to Buy an Apartment on the Cheap

Fake Divorces Emerge as a Way to Buy an Apartment on the Cheap

SEOUL, Jul. 27 (Korea Bizwire) — A middle-aged South Korean woman got married to and divorced from the same man twice, a rare occurrence in most parts of the world. But the couple’s on-again, off-again relationship may have been motivated by more than just their feelings for each other: The couple’s fake divorce appears to [...]

Hundreds Missing in Dam Collapse in Laos, Korean Builder Joining Rescue Operations

Hundreds Missing in Dam Collapse in Laos, Korean Builder Joining Rescue Operations

SEOUL, Jul. 24 (Korea Bizwire) — Hundreds have gone missing after a dam collapsed in southeast Laos on Monday, affecting 1,300 households and displacing around 6,600 people, the Laotian news agency KPL reported Tuesday. According to the report, one of the auxiliary dams collapsed around 8 p.m. Monday at the Xepian-Xe Nam Noy hydropower plant [...]

Appetite Grows for Apartment Complexes That Offer Breakfast

Appetite Grows for Apartment Complexes That Offer Breakfast

SEOUL, Jun. 8 (Korea Bizwire) — Yang Jong-moon’s routine for the past few months has involved dropping by his apartment complex’s community center once or twice a week to pick up breakfast before he heads off to work. In September, the Banpo Riche apartment building where he lives began to offer breakfast to its residents [...]

Completion of New Reactors Delayed by Quake-safety Inspections

Completion of New Reactors Delayed by Quake-safety Inspections

SEOUL, Feb. 8 (Korea Bizwire) — The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday. Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry [...]