Real Estate Market Archives | Be Korea-savvy

Archive by category Real Estate Market

Real Estate Ownership Change from Forced Auctions Doubles in Seoul

Real Estate Ownership Change from Forced Auctions Doubles in Seoul

SEOUL, Nov. 28 (Korea Bizwire) — The number of residential properties whose ownership changed due to forced sale by auction marked a sharp increase this year compared to a year ago. According to the Supreme Court, the number of apartments, villas and residential officetels whose ownership shifted due to forced sale by auction stood at [...]

No. of Multiple Home Owners Down 2 pct in 2021

No. of Multiple Home Owners Down 2 pct in 2021

SEOUL, Nov. 15 (Korea Bizwire) — The number of multiple home owners in South Korea fell 2 percent on-year in 2021, data showed Tuesday, apparently on tax burdens. The number of multiple home owners reached 2.27 million in 2021, falling from 2.32 million tallied in the previous year, according to Statistics Korea. They took up [...]

Real Estate Speculation by Foreigners on Rise in S. Korea

Real Estate Speculation by Foreigners on Rise in S. Korea

SEOUL, Oct. 28 (Korea Bizwire) — South Korea will continue to look into suspicious real estate transactions by foreigners as a recent investigation found increasing illegalities involving foreigners’ home purchases, the land ministry said Friday. The portion of suspicious home purchases by foreigners rose to 1.21 percent, or 6,772 cases, out of the country’s total [...]

Chinese Account for 62 pct of Apartment Purchases by Foreigners Since 2015

Chinese Account for 62 pct of Apartment Purchases by Foreigners Since 2015

SEOUL, Oct. 10 (Korea Bizwire) — Chinese nationals accounted for over 60 percent of apartment purchases by foreign nationals in South Korea since 2015, a government report showed Monday. According to the land ministry report submitted to Rep. Yang Kyung-sook of the main opposition Democratic Party, the number of apartment purchase deals of Chinese nationals [...]

S. Korea’s Top 100 Real Estate Investors Own More than 20,000 Homes

S. Korea’s Top 100 Real Estate Investors Own More than 20,000 Homes

SEOUL, Sept. 30 (Korea Bizwire) — South Korea’s top landlords own more than 20,000 homes, data showed Thursday. Rep. Kim Hoi-jae of the Democratic Party referred to a Statistics Korea report indicating that the 100 South Koreans with the largest real estate holdings owned a total of 20,689 homes as of 2020. Jointly owned homes [...]

Apartments in Taller Buildings are More Expensive: Data

Apartments in Taller Buildings are More Expensive: Data

SEOUL, Aug. 25 (Korea Bizwire) — Apartments in taller buildings are more expensive in the greater Seoul area, a real estate big data company said Wednesday. Real Estate R114 made a price comparison of 3,403,812 apartments in the greater Seoul area sorted by floor, which showed that the average apartment price in buildings that are [...]

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

SEOUL, Aug. 24 (Korea Bizwire) — The number of new property developer registrations reached an all-time high in the first half of this year despite the real estate market’s entry into an adjustment phase, thanks to rising demand for the development of non-residential buildings, including shopping centers. According to the Ministry of Land, Infrastructure and [...]

Seoul to Weed Out Basement, Semi-basement Homes Following Flooding Deaths of Family

Seoul to Weed Out Basement, Semi-basement Homes Following Flooding Deaths of Family

SEOUL, Aug. 10 (Korea Bizwire) — The city government of Seoul will no longer give permission to construct basement or semi-basement homes, while pushing to gradually weed out existing subterranean homes, officials said Wednesday. The plan follows the deaths of three family members in a flooded semi-basement home in Seoul’s Gwanak district Monday night when [...]

3 Construction Firms Team Up to Address Inter-floor Noise

3 Construction Firms Team Up to Address Inter-floor Noise

SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s major construction firms are banding together to address inter-floor noise, which has emerged as a major social problem in recent years. Samsung C&T Corp., the construction unit of Samsung Group, announced that it recently signed an agreement with POSCO Engineering & Construction Co. and Lotte Engineering & [...]

S. Korea to Sell State-owned Idle Assets over Next 5 Years

S. Korea to Sell State-owned Idle Assets over Next 5 Years

SEOUL, Aug. 8 (Korea Bizwire) — South Korea plans to sell state-owned unused and idle lands and buildings over the next five years in a bid to bolster public finances, the finance ministry said Monday. The government said it plans to push to sell assets worth 16 trillion won (US$12.3 billion) and more in the [...]