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 [...]
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 [...]
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 [...]
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, 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 [...]
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 [...]
SEOUL, Mar. 19 (Korea Bizwire) — The burden of buying a house in Seoul has risen to a 6-year high as demand for homes in the affluent Gangnam district surged despite the government’s measures to cool the property market, data showed Monday. The Korea Housing Affordability Index rose to 116.7 in the fourth-quarter of last [...]
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 [...]
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 [...]
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 [...]