SEOUL, Nov. 28 (Korea Bizwire) — The number of residential properties whose ownership changed due to forced sale by auction marked a sharp increase this year compared to a year ago. According to the Supreme Court, the number of apartments, villas and residential officetels whose ownership shifted due to forced sale by auction stood at [...]
SEOUL, Nov. 21 (Korea Bizwire) – The number of people subject to the so-called comprehensive real estate tax hovered above 1 million for the first time since the scheme was introduced in 2005 amid soaring overall property prices, data showed Monday. A total of 1.3 million home and land owners will receive the tax invoice [...]
SEOUL, Oct. 28 (Korea Bizwire) — South Korea will continue to look into suspicious real estate transactions by foreigners as a recent investigation found increasing illegalities involving foreigners’ home purchases, the land ministry said Friday. The portion of suspicious home purchases by foreigners rose to 1.21 percent, or 6,772 cases, out of the country’s total [...]
SEOUL, Oct. 27 (Korea Bizwire) — South Korea’s property prices are expected to maintain a downward trend as interest rates are expected to stay high through at least early 2023, a state-run think tank said Thursday. The average price of houses in the greater Seoul area in the July-September period of 2022 decreased 1.19 percent [...]
SEOUL, Sept. 30 (Korea Bizwire) — South Korea’s top landlords own more than 20,000 homes, data showed Thursday. Rep. Kim Hoi-jae of the Democratic Party referred to a Statistics Korea report indicating that the 100 South Koreans with the largest real estate holdings owned a total of 20,689 homes as of 2020. Jointly owned homes [...]
SEOUL, Sept. 27 (Korea Bizwire) — The Dobong District Office in Seoul has announced the launch of a help service for single-person households looking for jeonse (long-term deposit rental system) or weolse (monthly rent) apartments, as part of efforts to address their difficulty in finding a stable place to live. To help single-person households, including [...]
SEOUL, Aug. 24 (Korea Bizwire) — The number of new property developer registrations reached an all-time high in the first half of this year despite the real estate market’s entry into an adjustment phase, thanks to rising demand for the development of non-residential buildings, including shopping centers. According to the Ministry of Land, Infrastructure and [...]
MONTAUK, N.Y., Aug. 19 (Korea Bizwire) — Principal interior designer and architect Thierry Despont is well known for creating luxurious spaces that blend comfort and warm sophistication. So when his clients decided to renovate their oceanfront haven, they called on him to elevate the already lovely home. “Imagine moving into a turnkey oceanfront residence by [...]
SEOUL, July 21 (Korea Bizwire) — The number of real estate rental contracts shot up in Seoul this year amid an unprecedented drop in the real estate transaction market, data showed Wednesday. According to statistics from the National Court Administration, the number of real estate lease contracts signed in the first half of this year [...]
SEOUL, June 23 (Korea Bizwire) — The country’s land ministry, the justice ministry and other agencies on Thursday said they will launch an investigation into foreigners’ speculative real estate investments. The authorities also plan to designate regions where real estate transactions by foreigners will be restricted and compile statistics on foreign ownership of properties here [...]