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, July 9 (Korea Bizwire) — The criteria for Koreans choosing an apartment, the most common form of housing in the country, are undergoing a transformation. In the past, the proximity to subway stations, known as ‘Yeokssekwon’ or station areas, was considered an essential factor due to its emphasis on transportation convenience. However, there is [...]
SEOUL, Dec. 6 (Korea Bizwire) — Eco-boomers, children of the Baby Boom generation, are rising as new consumers in the housing market. Eco-boomers refers to offspring of 7.2 million baby boomers (born between 1955 and 1963) at the age of 22 to 40 (born between 1979 and 1997). They are also known as the Generation [...]
SEOUL, Dec. 19 (Korea Bizwire) — The South Korean government on Wednesday announced the second stage of its plans to supply more homes to stabilize the overheated housing market, involving the building of 155,000 homes in areas near Seoul. On top of the 35,000 new homes announced in September, 155,000 dwellings will be created at [...]
SEOUL, Oct. 10 (Korea Bizwire) —Various civic groups that claim the problem of land speculation in Korea cannot be overcome without increasing property holding tax have come together to launch a civic action coalition calling for stronger measures. Civic groups such as Citizens’ Coalition for Economic Justice and Mibyun’s Committee on People’s Livelihood & Economy [...]
SEOUL, March 9 (Korea Bizwire) – The net income of South Korea’s real estate trust companies hit an all-time high last year, with interest rates staying low and newly built apartments selling like hotcakes, data showed Thursday. Eleven such firms here reported combined net profits of 393.3 billion won (US$343 million) last year, up 77 [...]
SEOUL, March 7 (Korea Bizwire) – The issuance of asset-backed securities (ABS) in South Korea tumbled nearly 27 percent in 2016 from a year earlier as the local property market remained sluggish, data showed Tuesday. The amount of ABS issues totaled 60.7 trillion won (US$52.6 billion) last year, down 26.8 percent from the previous year, [...]
SEJONG, Feb. 14 (Korea Bizwire) – South Korea’s home transactions dropped more than 6 percent from a year earlier last month, government data showed Tuesday, as investors stayed cautious amid growing uncertainties at home and abroad. The number of home transactions came to 58,539 in January, down 6.1 percent from the same month in 2016, [...]
SEOUL, Nov. 28 (Korea Bizwire) – It would take more than 38 years for the young generation of today to save enough money be able to buy an apartment in the capital, if they save all of their disposable income, statistics showed Monday. The average monthly disposable income for people 39 years old or under [...]
SEOUL, Aug. 25 (Korea Bizwire) – South Korea will control the supply of new apartments in a bid to curb demand for mortgage loans, the main culprit for soaring household debt in Asia’s fourth-largest economy, government officials announced Thursday. Household credit jumped 11.1 percent on-year to an all-time high of 1,257.3 trillion won (US$1,123.5 billion) [...]