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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 [...]

Newly Revised Bill to Make Audits of “Officetels” Mandatory

Newly Revised Bill to Make Audits of “Officetels” Mandatory

SEOUL, Sept. 21 (Korea Bizwire) — A newly proposed law is expected to have operators of large officetels audited every year. In South Korea, an officetel is a multi-use property that contains both residential and commercial units. Yesterday, the Ministry of Justice made an advance legislation notice regarding officetels to be implemented tomorrow. The law [...]

Seoul Set to Tackle Skyrocketing Home Prices with Tougher Measures

Seoul Set to Tackle Skyrocketing Home Prices with Tougher Measures

SEOUL, Sept. 13 (Korea Bizwire) – South Korea’s government said Thursday that owners of high-value houses and multiple homes will face tougher taxes than originally planned as it strives to rein in soaring housing prices. Over the past year, the Moon Jae-in government has unveiled a series of measures to curb housing prices that have [...]

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 [...]