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 [...]
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 [...]
SEOUL, Nov. 20 (Korea Bizwire) — The median price of a house in Seoul is higher than that of Tokyo, a parliamentary report showed Sunday. The findings by the National Assembly Research Service (NARS) released by Rep. Park Kwang-on showed that the price of a typical home in Seoul is on average 100 million won [...]
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 [...]
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 [...]
INCHEON, Oct. 24 (Korea Bizwire) — The development of Incheon Free Economic Zone, initially scheduled for completion by 2022, will be delayed to 2030 due to slowed investment in the aftermath of the global financial crisis and real estate market slump, officials said Tuesday. Known as IFEZ, the project was designated in August 2003 as [...]
SEJONG, Oct. 19 (Korea Bizwire) — U.S. citizens possessed half of all real estate owned by foreigners in South Korea, and the southern resort island of Jeju received the most investment under an accommodative visa policy, a parliamentary report showed Thursday. Foreigners held 233.5 million square meters of land nationwide as of the end of [...]
SEJONG, Sept. 26 (Korea Bizwire) — South Korea will ease regulations on leasing state-owned properties to make better use of neglected public assets, the finance ministry said Tuesday. The Cabinet approved a revised law that allows the government to cut rents on its buildings and land that have not been fully utilized for a long [...]
SEJONG, Sept. 14 (Korea Bizwire) – Glimpses of the future – 57 to be exact – were distributed by the Ministry of Land, Infrastructure and Transport to regional (metropolitan, provincial and special) governments on September 14. President Moon’s “New Deal”, a promise of urban renewal, was one of his core campaign proposals, and the 57 [...]
SEOUL, Sept. 11 (Korea Bizwire) – A guidebook outlining ten major points to counter gentrification has been released by a group of young South Koreans in an effort to help small business owners. Going into detail, the book lists a number of the most prevalent behavior patterns of landlords before independent business owners fall victim to [...]