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Newlyweds to Get Rental Houses at Rates Lower than Market Prices

Newlyweds to Get Rental Houses at Rates Lower than Market Prices

SEOUL, April 4 (Korea Bizwire) – Newly married couples and young people will be  eligible to get rental houses at rates lower than market prices starting in July, the government said Wednesday. The measure comes as the government is pushing forward various “housing welfare” programs to benefit newlyweds and others starting off in life. The government will provide 170,000 rental homes [...]

Soaring Housing Prices a Conundrum for Homebuyers, Policymakers

Soaring Housing Prices a Conundrum for Homebuyers, Policymakers

SEOUL, Mar. 2 (Korea Bizwire) — Purchasing a home may be the largest-ever financial transaction for many ordinary citizens, such as Han Jung-min, a 40-something office worker who dreams of settling down in the posh district of Gangnam in southern Seoul. The problem facing such first-time homebuyers always boils down to timing — is it [...]

Gov’t to Adopt Customized Measures for Real Estate Market

Gov’t to Adopt Customized Measures for Real Estate Market

SEJONG, Jan. 31 (Korea Bizwire) – South Korea’s finance ministry said Wednesday it will push for a two-track real estate policy to deal with the spike in housing prices in the affluent areas of Seoul and withering markets in other parts of the nation. The Ministry of Strategy and Finance said it will keep a close watch on the real estate market, as apartment prices in [...]

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 [...]