SEOUL, July 15 (Korea Bizwire) — Apartment sales in Seoul have surged to a record-high share of the housing market in 2024, as concerns over rental fraud and weakening demand for non-apartment housing deepen a long-standing shift toward high-rise units. According to data released July 14 by South Korea’s Ministry of Land, Infrastructure and Transport, [...]
SEOUL, Aug. 3 (Korea Bizwire) — South Korea will conduct safety inspections on nearly 300 flat-plate structure apartment complexes in the private sector nationwide through September as follow-up measures to recent revelations of shoddy residences that lack reinforcing bars, or rebars, in their underground parking lots, the land ministry said Thursday. The all-out inspections will [...]
SEOUL, July 31 (Korea Bizwire) — Apartment transactions in South Korea fell more than 50 percent on-year in the first half of 2022 due mainly to the government’s tough lending curbs and rising interest rates, data showed Sunday. The number of apartments traded nationwide stood at 184,134 units in the January-June period, down 50.6 percent [...]
SEOUL, April 25 (Korea Bizwire) — The number of apartments that median income households can afford to buy in Seoul has declined sharply over the past five years, primarily due to a surge in housing prices. According to the data that Rep. Chung Woo-taik of the People Power Party received from the National Assembly Budget [...]
SEOUL, Oct. 29 (Korea Bizwire) — Concerns are being raised as Chinese millionaires are reportedly purchasing additional luxury apartments in Seoul, further raising housing prices amid a lack of housing supply. Recently, a Chinese study-abroad student in his 30s was found to have purchased eight apartments across South Korea, seven of which were being rented [...]
SEOUL, Aug. 12 (Korea Bizwire) – South Korea will adopt a controversial scheme to cap presale prices of privately built apartments in extended efforts to stabilize real estate markets, the land ministry said Monday. The ministry said the government plans to revise related laws by early October to fully prepare for the adoption of the “presale price [...]
SEOUL, Nov. 9 (Korea Bizwire) — Being a homeowner has become more difficult for Hwang Jin-kyu, a 38-year-old software engineer who has been trying to buy a three-bedroom apartment in northern Seoul for months. He sought to borrow about 200 million won (US$178,300) from a bank to buy the 79.3-square-meter home, but his application for [...]
SEOUL, Jul. 4 (Korea Bizwire) — After a series of accidents that were sparked by falling objects from high-rise apartment buildings, police have started to implement measures aimed at promoting public safety. The National Police Agency revealed yesterday that it will be carrying out promotional activities at apartment management offices and local government agencies to [...]
SEOUL, Aug. 10 (Korea Bizwire) — Smokers lighting up in the comfort of their homes will no longer be able to continue in safe anonymity. On August 9, the Ministry of Land, Infrastructure and Transport announced that it had revised existing regulations to cut down on indoor smoking in residential apartments. Under the new policy, apartment [...]
SEOUL, April 26 (Korea Bizwire) – Soaring rental prices in the housing market in recent years are seeing upper-middle class households purchase their own homes, with the home ownership rate reaching 56.8 percent, the highest figure since records began in 2006, according to a report released yesterday by the Ministry of Land, Transport and Maritime [...]