real estate Archives | Be Korea-savvy
Property Rental Firms Shine Over Past 5 yrs on Market Boom

Property Rental Firms Shine Over Past 5 yrs on Market Boom

SEJONG, Oct. 8 (Korea Bizwire) — Real estate rental businesses in South Korea have been on a roll over the past five years amid a booming property market, data showed Friday. Property leasing companies in Asia’s fourth-largest economy registered 453.3 trillion won (US$381 billion) in combined revenue between 2016-20, according to the data that the [...]

National Assembly Steps Up to Restrict Foreigners from Buying Real Estate

National Assembly Steps Up to Restrict Foreigners from Buying Real Estate

SEOUL, July 28 (Korea Bizwire) — South Korean politicians are stepping up to address concerns over Chinese nationals purchasing real estate in the country. China, under a communist regime, strictly forbids South Koreans from purchasing real estate in their territory. On the other hand, South Korea has barely any restrictions on real estate purchases by [...]

S. Korea Toughens Regulations on Public Servants’ Real Estate

S. Korea Toughens Regulations on Public Servants’ Real Estate

SEOUL, June 20 (Korea Bizwire) — Government officials and public employees involved in real estate affairs will be required to register their assets with the authorities, the Ministry of Personnel Management said Sunday. The ministry last week preannounced the latest revision to the enforcement ordinance of the Public Service Ethics Act. The new rules will [...]

Mobile Real Estate Apps Offer 3D Apartment Tours

Mobile Real Estate Apps Offer 3D Apartment Tours

SEOUL, May 20 (Korea Bizwire) — The spread of contactless transactions following the onset of the coronavirus pandemic is changing the landscape of the market for so called ‘proptech’ firms, those dealing with technology purpose-built for the real estate market. Zigbang Co., South Korea’s top real estate info application, recently introduced a 3D apartment complex [...]

Commercial Property Vacancy Rate Inches Up amid COVID-19 Shock

Commercial Property Vacancy Rate Inches Up amid COVID-19 Shock

SEOUL, April 29 (Korea Bizwire) — With the prolonged COVID-19 outbreak resulting in restrictions on socializing, South Korea’s commercial property vacancy rate continues to rise. The vacancy rate of mid and large-sized commercial properties across the country averaged 13 percent in the first quarter of this year, up 0.6 percentage points from the previous quarter, [...]

Property Buyers Okay with Virtual Rendering Instead of In-person Visits: Survey

Property Buyers Okay with Virtual Rendering Instead of In-person Visits: Survey

SEOUL, April 6 (Korea Bizwire) — A substantial number of property buyers would be willing to sign contracts without visiting the property if real estate information is realized in three-dimensions (3D) or virtual reality (VR), a survey showed Monday. Zigbang Co., South Korea’s top real estate info application, conducted a survey of 1,152 people who [...]

Global Real Estate Leader JLL Begins Transition to Altus Group’s Cloud-Enabled ARGUS Enterprise

Global Real Estate Leader JLL Begins Transition to Altus Group’s Cloud-Enabled ARGUS Enterprise

TORONTO, Feb. 22 (Korea Bizwire) — Altus Group Limited (ʺAltus Groupʺ) (TSX: AIF), a leading provider of commercial real estate (“CRE”) services, software and data solutions, is pleased to announce that JLL, a global leader in commercial real estate professional services and investment management, has chosen to expand its use of ARGUS Enterprise (“AE”). Through this agreement, [...]

Madison Realty Capital Provides $53 Million Construction Financing to Heritage Equity Partners for Multifamily Development in Brooklyn

Madison Realty Capital Provides $53 Million Construction Financing to Heritage Equity Partners for Multifamily Development in Brooklyn

NEW YORK, Jan. 19 (Korea Bizwire) — Madison Realty Capital, a New York City based real estate private equity firm focused on debt and equity investment strategies, today announced it has provided $53 million in construction financing to Heritage Equity Partners, led by Toby Moskovits and Michael Lichtenstein, for a 150-unit ground-up multifamily development located [...]