SEOUL, April 3 (Korea Bizwire) — Nearly half of all debts held by individuals and businesses in South Korea are real estate market-related loans, which may stymie economic growth and undermine financial stability, the central bank said Thursday. The country’s total real estate credit amounted to 1,932.5 trillion won (US$1.32 trillion) as of end-2024, accounting [...]
SEOUL, March 19 (Korea Bizwire) — Acting President Choi Sang-mok said Wednesday the government will use all available resources to curb the rise in home prices. Choi made the remarks in an economy-related ministers’ meeting, noting, “Home prices have been on a recent rise in some parts of Seoul.” “We will view the situation seriously [...]
SEOUL, Feb. 16 (Korea Bizwire) — South Korea’s Housing and Urban Guarantee Corporation (HUG) has introduced a stringent “one-strike-out” policy to immediately initiate foreclosure proceedings against foreign landlords who fail to return tenants’ rental (jeonse) deposits, aiming to curb financial risks associated with non-compliant property owners. HUG announced on Friday that the new measure, effective since [...]
SEOUL, Feb. 9 (Korea Bizwire) — As South Korea’s once-booming commercial real estate sector faces a downturn, banks are seeing a sharp rise in lawsuits from borrowers seeking to void their debt obligations. Many of these legal disputes stem from investments in knowledge industry centers, a type of commercial property that had gained popularity as an [...]
SEOUL, Feb. 3 (Korea Bizwire) — The popularity of commercial properties in South Korea’s auction market has waned significantly, with both successful bid rates and price ratios falling as businesses struggle with decreased sales during the economic downturn. According to data from GG Auction, a specialized auction data firm, Seoul saw 258 commercial property auctions from [...]
SEOUL, Feb. 3 (Korea Bizwire) — In a sign of shifting market dynamics, new applications for reverse mortgages in South Korea increased while cancellations decreased as the real estate market showed signs of cooling at the end of last year. According to data from the Korea Housing Finance Corporation’s housing finance statistics system, new reverse mortgage [...]
SEOUL, Jan. 30 (Korea Bizwire) — The share of monthly rental contracts in South Korea’s housing market reached a record high in 2024, nearing 60% of all lease agreements, as rising interest rates and concerns over rental fraud (in particular jeonse frauds) accelerated the transition away from traditional lump-sum deposits. According to data from the Supreme [...]
SEOUL, Jan. 27 (Korea Bizwire) — For the first time in history, transactions of Seoul apartments priced above ₩900 million accounted for more than half of the city’s total sales in 2024, reflecting a shift toward high-end properties amid rising home prices and a preference for “one solid investment.” According to the Ministry of Land, [...]
SEOUL, Jan. 23 (Korea Bizwire) — Starting January 24, 2025, South Korea will extend the maximum residence period for foreign victims of jeonse frauds in public emergency housing from two years to six years, the Ministry of Land, Infrastructure, and Transport announced on Thursday. Jeonse fraud is a type of real estate fraud that occurs when [...]
SEOUL, Dec. 29 (Korea Bizwire) — Purchasing a home in Seoul remains a significant financial challenge, with residents needing to save their entire salaries for 13 years to afford a property, according to data released by South Korea’s Ministry of Land, Infrastructure, and Transport on Friday. The report highlights ongoing housing affordability issues across the country, [...]