SEOUL, Aug. 10 (Korea Bizwire) — The city government of Seoul will no longer give permission to construct basement or semi-basement homes, while pushing to gradually weed out existing subterranean homes, officials said Wednesday. The plan follows the deaths of three family members in a flooded semi-basement home in Seoul’s Gwanak district Monday night when [...]
SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s major construction firms are banding together to address inter-floor noise, which has emerged as a major social problem in recent years. Samsung C&T Corp., the construction unit of Samsung Group, announced that it recently signed an agreement with POSCO Engineering & Construction Co. and Lotte Engineering & [...]
SEOUL, Aug. 8 (Korea Bizwire) — South Korea plans to sell state-owned unused and idle lands and buildings over the next five years in a bid to bolster public finances, the finance ministry said Monday. The government said it plans to push to sell assets worth 16 trillion won (US$12.3 billion) and more in the [...]
SEOUL, July 31 (Korea Bizwire) — Apartment transactions in South Korea fell more than 50 percent on-year in the first half of 2022 due mainly to the government’s tough lending curbs and rising interest rates, data showed Sunday. The number of apartments traded nationwide stood at 184,134 units in the January-June period, down 50.6 percent [...]
SEOUL, July 29 (Korea Bizwire) — Increases in the price of housing have a negative impact on the rate of marriage and childbirth, a report showed Thursday. The Korea Institute of Public Finance conducted a survey on employees at public agencies, which showed that a 100 percent rise in housing prices resulted in 0.1 to 0.3 [...]
SEOUL, July 21 (Korea Bizwire) — The number of real estate rental contracts shot up in Seoul this year amid an unprecedented drop in the real estate transaction market, data showed Wednesday. According to statistics from the National Court Administration, the number of real estate lease contracts signed in the first half of this year [...]
SEOUL, July 19 (Korea Bizwire) — The average price of an apartment in Seoul has shot up nearly fourfold in the past 18 years after more than doubling under the previous Moon Jae-in administration alone, a civic group analysis showed Tuesday. A 99.1-square-meter apartment in the capital fetched 1.28 billion won (US$973,162) on average as [...]
SEOUL, July 15 (Korea Bizwire) — South Korean builder SK ecoplant Co. said Thursday it was launching a drive to recycle waste incineration ash as a construction material. The company joined hands with CMD Group, a specialist in the manufacturing of eco-friendly construction materials, to promote technological cooperation and to produce block aggregates made of [...]
SEOUL, July 14 (Korea Bizwire) — A local court on Thursday ruled in favor of the comprehensive real estate holding tax, a controversial additional tax burden imposed on expensive house owners. The Seoul Administrative Court rejected two lawsuits filed separately by two Seoul residents demanding that comprehensive real estate holding taxes levied on their respective [...]
SEOUL, July 12 (Korea Bizwire) — The value of unreturned deposits for “jeonse” home rentals is increasing year after year, hitting an all-time high in the first half of this year, data showed Monday. Under South Korea’s decades-old jeonse system, tenants pay a large lump-sum deposit, known as key money, to the landlord, which [...]