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Once Red-hot, Home Prices in Seoul Show Signs of Stability

Once Red-hot, Home Prices in Seoul Show Signs of Stability

SEOUL, Nov. 9 (Korea Bizwire) — Being a homeowner has become more difficult for Hwang Jin-kyu, a 38-year-old software engineer who has been trying to buy a three-bedroom apartment in northern Seoul for months. He sought to borrow about 200 million won (US$178,300) from a bank to buy the 79.3-square-meter home, but his application for [...]

First Apartment Complex in S. Korea Coated with Fine Dust Fighting Paint

First Apartment Complex in S. Korea Coated with Fine Dust Fighting Paint

SEOUL, Oct. 31 (Korea Bizwire) — The first apartment complex in South Korea armed with an air filtering function has made its reveal. The Seoul Housing & Communities Corp. (SH) painted the exterior of an apartment complex in Seoul with a type of photocatalyst paint that helps remove nitrogen oxide and sulfur oxides, the main [...]

The Future of Banking is Paper-free

The Future of Banking is Paper-free

SEOUL, Oct. 31 (Korea Bizwire) — In the near future, blockchain technology will be incorporated into real estate databases, allowing users to gain access to relevant official documents without having to submit physical certifications. The Ministry of Land, Infrastructure and Transport and the Ministry of Science and Technology yesterday revealed plans to create a real [...]

Civic Action Coalition Calls for Higher Tax Rates for Property Owners

Civic Action Coalition Calls for Higher Tax Rates for Property Owners

SEOUL, Oct. 10 (Korea Bizwire) —Various civic groups that claim the problem of land speculation in Korea cannot be overcome without increasing property holding tax have come together to launch a civic action coalition calling for stronger measures. Civic groups such as Citizens’ Coalition for Economic Justice and Mibyun’s Committee on People’s Livelihood & Economy [...]

Real Estate Takes up Largest Proportion of S. Koreans’ Assets: Report

Real Estate Takes up Largest Proportion of S. Koreans’ Assets: Report

SEOUL, Oct. 4 (Korea Bizwire) — Real estate accounted for more than half of South Korean households’ total assets, with the rate of homes owned for investments far higher compared to major economies, a report showed Thursday. It is based upon an analysis of features of household assets in five nations — South Korea, 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 [...]