SEOUL, Nov. 17 (Korea Bizwire) — With home and jeonse rent prices skyrocketing and the scarcity of new homes on offer deepening in the South Korean capital of Seoul, the number of residents leaving the city has been accelerating for several years in a row. The number of residents who moved from Seoul to other [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea will gradually provide a total of 360,000 housing units in Seoul by 2028 as part of its broad home supply plan to stabilize the real estate market, the transport ministry said Thursday. The government plans to supply the homes mainly to underprivileged people in the capital city [...]
SEOUL, Aug. 5 (Korea Bizwire) — South Korea’s ruling party is pushing to impose heavy taxes on “speculative” foreigner buyers of apartments here amid their rising home ownership, officials said Wednesday. The move comes as the Democratic Party (DP) has vowed to create countermeasures if necessary amid rising concerns over foreigners’ apartment purchases for speculative [...]
SEOUL, Aug. 4 (Korea Bizwire) — South Korea on Tuesday unveiled an unprecedented plan to supply more than 130,000 homes in Seoul and adjacent areas over the next eight years in its latest struggle to contain a further rise in housing prices, which have even dragged down the Moon Jae-in administration’s approval ratings. But the [...]
SEOUL, Oct. 5 (Korea Bizwire) — A 41 year-old office worker earned a windfall of 80 million won (US$71,000) over a canceled apartment transaction, a case that underscores the recent rapid surge in home prices in Seoul. The salaried worker of a major South Korean conglomerate made a down payment of 10 percent of the [...]