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 [...]
SEOUL, Aug. 23 (Korea Bizwire) — The Seoul Metropolitan Government plans to carry out a construction project known as the Compact City to offer homes to younger Seoulites by redeveloping traffic islands, old sites used by rainwater pump stations, and other unused public property. The Seoul Housing and Communities Corp. (SH) announced on Thursday a [...]
SEOUL, Aug. 22 (Korea Bizwire) — The Korea Customs Service has cracked down on 146 individuals who purchased a country house in Johor Bahru, Malaysia and other costly real estate using an illegal foreign exchange method commonly known as “hwanchigi.” The individuals purchased stores, condominiums, and country houses in Johor Bahru without reporting the transactions [...]
JEJU, Apr. 23 (Korea Bizwire) — Construction companies are facing the consequences of the decline in the real estate market on Jeju Island, as an increasing number of houses are sitting empty without buyers. Jeju Province announced on Monday that as many as 1,271 residences were left unsold this year. The number of unsold homes [...]
SEOUL, Mar. 28 (Korea Bizwire) — An average landlord in South Korea owed 200 million won (US$176,000) to financial institutions last year, a central bank report showed Thursday. According to the Financial Stability Report submitted by the Bank of Korea (BOK) to parliament, the total financial debt of households that lease homes and commercial buildings [...]
SEOUL, Mar. 1 (Korea Bizwire) — Over the last 18 years, sale prices of office space in Seoul rose by an average of more than 7 percent each year, with transactions surpassing a total of 10 trillion won (US$8.8 billion) on average each year. IGIS Asset Management Co. and Daishin Securities Co. announced on Thursday [...]
JEJU, Jan. 3 (Korea Bizwire) — Starting this year, foreigners in Jeju will be subject to heavy taxation if they use condominiums that they have purchased as vacation homes. Jeju Province announced on Wednesday that condominiums acquired by foreigners, unless proven as primary residences, will be regarded as private vacation homes, and will be subject [...]
SEOUL, Dec. 26 (Korea Bizwire) — Areas with a higher number of households that pay monthly rent for housing have more schools, while areas with residents who own their homes have more hospitals. In addition, in areas with a high proportion of households living in rented homes, there is a trend towards an increase in [...]
SEOUL, Dec. 26 (Korea Bizwire) — Real estate experts forecast a market downturn throughout the country next year, although some see a chance of an increase in prices in the capital area, a survey showed Wednesday. According to a report from KB Financial Group’s research institute, 70.5 percent of 112 people specialized in the property [...]
SEOUL, Nov. 30 (Korea Bizwire) — Households may have to cope with higher mortgage rates as the Bank of Korea (BOK) raised its key interest rate for the first time in a year, market watchers said Friday. In a widely anticipated move to cool property prices, the BOK lifted its key rate by 25 basis [...]