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Dearth of Affordable Apartments for Median Income Households in Seoul as Housing Prices Spike

Dearth of Affordable Apartments for Median Income Households in Seoul as Housing Prices Spike

SEOUL, April 25 (Korea Bizwire) — The number of apartments that median income households can afford to buy in Seoul has declined sharply over the past five years, primarily due to a surge in housing prices. According to the data that Rep. Chung Woo-taik of the People Power Party received from the National Assembly Budget [...]

Gov’t to Promote Wider Access to Real Estate Big Data to Nurture ‘Proptech’ Industry

Gov’t to Promote Wider Access to Real Estate Big Data to Nurture ‘Proptech’ Industry

SEOUL, Dec. 1 (Korea Bizwire) — The government said Tuesday it will promote wider access to real estate-related public data as a way to cultivate the real estate service industry, including “proptech (property technology).” As the first step in this move, the government decided to expand access to the real-estate public data that is a [...]

Online Real Estate Brokerage Market Expands at a Healthy Pace

Online Real Estate Brokerage Market Expands at a Healthy Pace

SEOUL, Nov. 3 (Korea Bizwire) – Online-based real estate startups are bulking up rapidly, bringing about a new trend in the South Korean real estate market. Dawin Property, a real estate brokerage firm, recently attracted an investment of 3 billion won (US$2.54 million) from SoftBank Ventures Asia Corp. and Fast Ventures, according to industry sources. [...]

Number of New Real Estate Agencies Dips on Slumping Home Deals in Aug.

Number of New Real Estate Agencies Dips on Slumping Home Deals in Aug.

SEOUL, Sept. 25 (Korea Bizwire) — The number of new real estate agencies in South Korea fell more than 11 percent in August amid a nationwide tumble in housing transactions, data showed Friday. A total of 1,302 estate agencies newly opened across the nation last month, down 11.3 percent from the previous month, according to [...]

Debate Heating Up on Fate of ‘Jeonse’

Debate Heating Up on Fate of ‘Jeonse’

SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

S. Korea’s Wealth Fund Sets Sights on Commercial Properties in Europe, China

SEOUL, July 26 (Korea Bizwire) — Korea Investment Corp. (KIC), South Korea’s US$157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company’s top executive has said, in what could be its latest alternative investments. “We are considering making investments one each in Europe and in China,” KIC Chairman [...]

Growing Number of Landlords Lowering or Freezing Rent

Growing Number of Landlords Lowering or Freezing Rent

SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]

Wealthy S. Koreans Moving Away from Real Estate Investments

Wealthy S. Koreans Moving Away from Real Estate Investments

SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]