Foreigners Buying More Real Estate in Korea

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Foreigners Buying More Real Estate in Korea

Foreigners are now more eager to purchase property in Korea, especially, since the world-renowned consulting and credit evaluating companies, Moody's and Standard and Poor's, have leveled up Korea's national credibility. The Korean government and business sectors are trying their best to induce as much external capital as possible.
According to the Ministry of Construction and Transportation on April 16, in the first quarter foreign purchases amounted to 926 cases, worth 650 million dollars, which is the most since the real estate market was open to foreigners last June.
It is substantially more than that of 1998's fourth quarter, which had 635 cases totaling 407 million dollars.
The properties mainly bought were for new factories along with warehouses and wholesale businesses.
Americans were the most active with 678 cases followed by Chinese, Japanese, English and German. Japan's Lotte group recently bought a golf course on Cheju Island for 19.6 million dollars.
Hwashik Bong : trojans@joongang.co.kr




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