SEOUL, Dec. 4 (Korea Bizwire) — Tax authorities said Thursday they will investigate more than 2,000 cases involving the transfer of high-value properties in upscale areas of Seoul over suspected tax evasion, amid tighter government regulations on real estate lending. A total of 2,077 property-transfer cases in the districts of Gangnam, Mapo, Yongsan and Seongsu [...]
SEOUL, Dec. 3 (Korea Bizwire) — Seoul’s luxury housing market posted one of the world’s sharpest price increases over the past year, rising more than 25 percent and ranking second among major global cities, according to new data released Tuesday. In its latest Prime Global Cities Index, British property consultancy Knight Frank reported that prices for [...]
SEOUL, Nov. 26 (Korea Bizwire) — South Korea’s real estate slowdown has pushed the number of active licensed realtors below 110,000 for the first time in more than five years, as prolonged policy tightening and weak housing demand reshape the industry. According to data released Wednesday by the Korea Association of Realtors, 109,979 real estate agents [...]
SEOUL, Nov. 24 (Korea Bizwire) — LG Electronics is accelerating its expansion in the Middle East, positioning itself as a key business-to-government (B2G) partner in the Global South as countries in the region pursue large-scale smart-city and infrastructure projects. The South Korean tech company said Sunday that it has signed a strategic partnership with Expo City [...]
SEOUL, Nov. 24 (Korea Bizwire) — The number of Seoul households in their 30s without a home climbed to an all-time high last year, even as homeownership among the same age group fell to its lowest level since records began, government data showed Sunday. According to the National Data Office, 527,729 Seoul households headed by someone [...]
SEOUL, Oct. 20 (Korea Bizwire) – The country’s chief financial regulator said Monday that financial authorities are ready to take additional measures, if needed, to rein in soaring household debt. During a parliamentary audit, Lee Eog-weon, the chairman of the Financial Services Commission (FSC), said his agency is taking preemptive measures to secure financial stability. [...]
SEOUL, Oct. 16 (Korea Bizwire) — Household lending in South Korea grew at its slowest pace in six months in September, new data showed Thursday, as tougher regulations and seasonal factors cooled borrowing amid renewed efforts to rein in housing prices and rising household debt. According to the Bank of Korea, household loans extended by banks [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s top policy aide to President Lee Jae Myung said Wednesday that the government is considering a comprehensive overhaul of real estate taxation — including possible hikes in property holding taxes — as it moves to rein in surging home prices in Seoul and surrounding regions. Kim Yong-beom, the [...]
SEOUL, Oct. 12 (Korea Bizwire) — A growing number of disputes over public access and shared resources are flaring up among apartment complexes in Seoul’s affluent Gangnam area, reflecting what some sociologists call an “urban tribalism” fueled by skyrocketing property values. In Gangdong District, residents of the 4,066-unit Godeok Arteon complex voted late last month to [...]
SEOUL, Sept. 30 (Korea Bizwire) — Samsung C&T has taken a tangible step toward reimagining urban housing with the completion of a “Next Home” test bed in Yongin, south of Seoul. The three-story, 554-square-meter facility showcases technologies designed to break away from the rigid apartment layouts that have long dominated South Korea’s housing market. Instead, [...]