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S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

S. Korean Property Prices Set to Continue to Lose Ground on High Interest Rates

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 [...]

S. Korea’s Top 100 Real Estate Investors Own More than 20,000 Homes

S. Korea’s Top 100 Real Estate Investors Own More than 20,000 Homes

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 [...]

Dobong District Launches Help Service for Single-person Households

Dobong District Launches Help Service for Single-person Households

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 [...]

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

New Property Developer Registrations Hit Record High Despite Plunge in Housing Transactions

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 [...]

Tim Davis Announces Montauk Oceanfront Price Reduction to $16.5M

Tim Davis Announces Montauk Oceanfront Price Reduction to $16.5M

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 [...]

S. Korea to Crack Down on Speculative Property Investments by Foreigners

S. Korea to Crack Down on Speculative Property Investments by Foreigners

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 [...]