SEJONG, Feb. 14 (Korea Bizwire) – South Korea’s home sales plunged 21.4 percent last month from a year earlier due mainly to a base effect stemming from rapid growth posted last year, government data showed Sunday. The number of home transactions reached 62,365 in January compared with a record 79,320 tallied a year ago, according [...]
SEJONG, Feb. 3 (Korea Bizwire) – The government said Wednesday it will nurture the property market into becoming a high value-added service sector by boosting real estate investment funds in a bid to make it a new economic growth engine. The Ministry of Land, Infrastructure and Transport said it will lower barriers and give tax [...]
SEOUL, Jan.29 (Korea Bizwire) – According to Money Today, a Korean newspaper, the Korea Association of Realtors is resisting the entrance of lawyers into the real estate business. Consumers are also interested in the matter in hopes of lowered commissions. The Korea Association of Realtors announced that it will be filing a suit against Trust [...]
SEOUL, Jan.4 (Korea Bizwire) – With Korean internet giants Naver and Kakao bolstering their mobile real estate service offerings, competition is becoming fierce. The mobile real estate brokerage market, which has been lead by startups like ZigBang, is expected to grow significantly this year. According to industry reports, Naver has launched the official version of [...]
SEJONG, Dec.23 (Korea Bizwire) – The fifth Universal Studios theme park in the world will be built in Hwaseong, Gyeonggi Province. The Korea Water Resources Corporation announced that it had selected the Universal Studios Korea (USK) consortium as the preferred bidder for the Songsan Green City International Theme Park. The consortium consists of five companies [...]
SEOUL, Nov. 19 (Korea Bizwire) – South Korean banks will likely impose tougher rules for screening mortgages in non-capital areas starting next year, joining government-led efforts to rein in the country’s runaway household debt, industry sources said Thursday. The financial authorities have asked local banks to use the debt-to-income (DTI) ratio when they screen mortgage [...]
SEOUL, Nov. 13 (Korea Bizwire) – Foreign ownership of land in Seoul has inched up from a year earlier on the back of increased ownership of Chinese nationals, data showed Friday. According to the data by the Seoul Metropolitan Government, the amount of land owned by foreign investors and companies in the South Korean capital [...]
SEOUL, Nov. 11 (Korea Bizwire) – Household loans extended by local lenders increased at the fastest clip last month, central bank data showed Wednesday, amid the rising possibility of a looming U.S. rate hike. Outstanding household loans extended by local banks reached 624.8 trillion won (US$539.3 billion) as of the end of October, up 9 [...]
SEOUL, Sept. 10 (Korea Bizwire) – As the number of foreign residents continues to increase rapidly, the housing rental market targeting them is expanding and diversifying. According to real estate industry watchers, the preferred residential areas for foreigners are expanding from traditionally popular places like Hannam-dong, Itaewon and Yongsan to Mapo in Seoul, Songdo in Incheon and Pyeongtaek in Gyeonggi [...]
INCHEON, Sept. 9 (Korea Bizwire) – More than one trillion won is expected to be invested in the ‘Golden Harbor Development’ project at Incheon’s Songdo International Business District. The Incheon Port Authority announced that they will sign an MOU with BizPost Korea, an affiliate of the American corporation BizPost, related to investment in the Golden [...]