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Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]

Daejeon to Lease Remodeled Buildings to Low Income Earners

Daejeon to Lease Remodeled Buildings to Low Income Earners

DAEJEON, NOV. 22 (Korea Bizwire) – The Daejeon municipal government has announced plans to support remodeling projects for aged buildings and lease them to low income earners in the region at affordable prices. The fifth-largest city in South Korea is expected to tackle its housing issues by providing financial support to encourage more owners of aged [...]

Gov’t to Set Guidelines for Building Exterior for Protection Against Earthquakes

Gov’t to Set Guidelines for Building Exterior for Protection Against Earthquakes

SEJONG, Nov. 22 (Korea Bizwire) — The land ministry will conduct research and development to build structure exteriors that can better withstand earthquakes, officials said Tuesday. A magnitude 5.4 tremor in the southeastern city of Pohang on Nov. 15 showed a building’s outer surface falling apart, raising new safety concerns that current construction regulations do [...]

Officetels Get Luxury Treatment Amid Growing Competition

Officetels Get Luxury Treatment Amid Growing Competition

SEOUL, Nov. 21 (Korea Bizwire) – An increasing number of officetels – South Korean high-rises that are home to multi-purpose residential units – are getting the luxury treatment amid growing competition to attract residents. From gyms, guesthouses, and screen golf facilities to conference rooms, construction companies are ramping up efforts to build recreation facilities to [...]

Home Ownership Rate in South Korea Stands at 55.5% in 2016

Home Ownership Rate in South Korea Stands at 55.5% in 2016

SEJONG, Nov. 17 (Korea Bizwire) – The home ownership rate in South Korea came to 55.5 percent in 2016, data showed Friday. The annual data released by Statistics Korea said 10.7 million households out of 19.36 million across the country owned homes in 2016. Statistics Korea said 26.9 percent of 10.07 million households owned two [...]

Myeongdong 8th Most Expensive Retail Zone in the World

Myeongdong 8th Most Expensive Retail Zone in the World

SEOUL, November 16 (Korea Bizwire) – A new report has revealed that Myeongdong is the 8th most expensive place for commercial rents in the world, following the likes of Fifth Avenue in New York and Causeway Bay in Hong Kong. Global property consulting firm Cushman & Wakefield named Myeongdong, one of the biggest shopping districts in [...]