SEOUL, Sept. 25 (Korea Bizwire) — The number of new real estate agencies in South Korea fell more than 11 percent in August amid a nationwide tumble in housing transactions, data showed Friday. A total of 1,302 estate agencies newly opened across the nation last month, down 11.3 percent from the previous month, according to [...]
SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]
SEOUL, July 31 (Korea Bizwire) — Laws designed to protect tenants went into effect on Friday as the government seeks to enhance tenants’ rights in the face of rising home prices. On Thursday, the National Assembly passed two of three bills aimed at protecting tenants. The new legislation on housing leases will allow tenants to [...]
SEOUL, July 26 (Korea Bizwire) — Korea Investment Corp. (KIC), South Korea’s US$157 billion sovereign wealth fund, is seeking to buy commercial properties in Europe and China, the company’s top executive has said, in what could be its latest alternative investments. “We are considering making investments one each in Europe and in China,” KIC Chairman [...]
SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]
SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]
JEJU, Feb. 16 (Korea Bizwire) — The amount of land owned by foreigners on South Korea’s southern resort island of Jeju decreased slightly last year, official data showed Sunday. According to the data released by Jeju’s provincial government, foreigners owned 22,548,255 square meters in 14,644 land on Jeju Island as of the end of last [...]
SEOUL, Dec. 17 (Korea Bizwire) — South Korea’s chief economic policy maker on Monday warned that the government may unveil further steps to curb soaring home prices should the latest fresh set of measures end in futility. Earlier in the day, the finance ministry and related government agencies came up with the toughest steps ever [...]
SEOUL, Oct. 7 (Korea Bizwire) — It has been confirmed that as many as 18,000 “full-time” landlords make money by renting out apartments full-time, without any other job. According to data received by Rep. Park Hong-keun from the National Tax Service, the number of individuals that live off of rental income, or so-called ‘landlords’, came [...]
SEOUL, Sept. 24 (Korea Bizwire) — The number of homes in South Korea has increased by nearly 5 million over the past decade and more than half of them have been purchased by buyers who already own at least one home, according to a report released Tuesday. The Citizens’ Coalition for Economic Justice (CCEJ), an [...]