SEOUL, June 24 (Korea Bizwire) – The real estate market of Korea lights up with the news that an immigration policy linked to real estate investment will now include investment in unsold apartment units in addition to resort properties in free economic zones.
A legal provision on immigration related to real estate investment grants permanent residency or a few years of temporary residence to an immigrant who purchases a resort property in one of the six free economic zones of Korea, including Jeju Island and Incheon Free Economic Zone.
The Korea Ministry of Land, Infrastructure and Transport has announced that it will revise the eligibility for the immigration policy, from requiring over 500 million won of investment in Jeju and Pyeongchang or over 700 million won investment in an IFEZ, to up to 500 million won in both areas, and expand the eligible list of the investment assets to include unsold apartment units in the IFEZ.
A real estate agent said, “As soon as the news about the extended enforcement of the investment immigration policy came out, the number of unsold apartment units has been steadily decreasing ever since. There has been an increase in the settled population as firms started to move in to the IFEZ and inquiries about the sales in lots from foreigners have been streaming.”
Numbers of important international organizations including the headquarters of the Green Climate Fund, the World Bank and the Association of World Election Bodies are currently residing in the IFEZ and also Korea’s tallest building, the Northeast Asia Trade Tower (NEATT), is about to be completed in the free economic zone.
In addition to the extended enforcement, the population for the IFEZ is expected to surge also with the government’s effort to turn the area into an international resort place.
The IFEZ district office revealed its plan to complete a “Water Front Project” by 2016, a plan to make Songdo international business district to a luxury waterside city, by constructing beach parks, complex marina resorts and waterside residencies.
A professional in the real estate market said, “As a city where leisure and business can happen in one place, Songdo is expected to keep attracting more investments. Also, with heightened interest in the district with the government’s plan to enact extended investment immigration policy, if you are in search of owning a property, the city is well worth looking into.”
Written by J. H. Kim (email@example.com)