SEOUL, Aug. 6 (Korea Bizwire) — Four in 10 high-ranking officials at the government’s ministries and institutions involved in the formulation of real estate and financial market policies are multiple homeowners, a civic group revealed Thursday, raising concerns about a possible conflict between their official duties and private interests. According to the Citizens’ Coalition for [...]
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 [...]
SEJONG/SEOUL, July 10 (Korea Bizwire) — South Korea will raise property ownership tax rates for multiple home owners, the finance ministry said Friday, in the latest move to curb housing prices. The current 0.6 percent to 3.2 percent ownership tax on people who own three or more homes will be raised to 1.2 percent to [...]
SEOUL, July 8 (Korea Bizwire) — Politicians and high-rank government officials owning more than one house are coming under growing pressure to dispose of properties as the government is preparing steps to hike tax burdens for owners of multiple homes in efforts to curb soaring housing prices. Housing prices have continued to surge in many [...]
SEOUL, June 17 (Korea Bizwire) — South Korea said Wednesday that it will further tighten lending rules and designate more areas subject to tighter regulations in an effort to stem a further rise in housing prices. The government rolled out its toughest measures yet to stem rising housing prices in greater Seoul and some unregulated [...]
SEOUL, May 7 (Korea Bizwire) — A plan will be implemented to renovate empty offices or shops in downtown Seoul and supply them to single-person households, including car-free youth. Announcing measures to supply housing in the metropolitan area Wednesday, the Ministry of Land, Infrastructure and Transport proposed a solution to renovate empty offices and shops [...]
SEOUL, April 3 (Korea Bizwire) — The portion of real estate investments by wealthy Koreans with more than 1 billion won (US$814,800) in financial assets has decreased over the past six years, according to a recent report. The preference of index-linked products, which have been considered the most sought-after financial instruments by the rich, also [...]
SEOUL, March 30 (Korea Bizwire) — South Korean real estate investment trusts (REITs) have been hit hard by escalating concerns over a global recession stemming from the new coronavirus outbreak, data showed Monday. Shares in Lotte Shopping Co.’s REIT, listed in October last year, finished at 4,910 won (US$4.03) Friday, down 20.3 percent from the [...]
HONG KONG, CHINA, March 13 (Korea Bizwire) – Real estate is a key driver of the Chinese economy, and a popular choice of investment among the country’s consumers. The huge demand for real estate has contributed to a consistent rise in property prices in China in recent years. The latest National Bureau of Statistics data shows [...]
SEOUL, Feb. 18 (Korea Bizwire) — More people moved from Jeju to Seoul than from Seoul to Jeju last year for the first time in more than a decade. According to an analysis by Zigbang Co., South Korea’s top real estate info application, there was a net inflow of 10 people from Jeju to Seoul [...]