SEOUL, July 9 (Korea Bizwire) — The criteria for Koreans choosing an apartment, the most common form of housing in the country, are undergoing a transformation. In the past, the proximity to subway stations, known as ‘Yeokssekwon’ or station areas, was considered an essential factor due to its emphasis on transportation convenience. However, there is [...]
SEOUL, April 13 (Korea Bizwire) —GS E&C, the owner of the Xi apartment brand, is expanding into the single-family home market. The company announced on Thursday that its subsidiary, XiGEIST, which specializes in wooden modular houses, will launch its website and commence business-to-consumer (B2C) sales in earnest. The modular houses are produced in a factory [...]
SEOUL, Feb. 24 (Korea Bizwire) — Conflicts over repair costs accounted for the largest share of commercial lease disputes in Seoul last year, the city government said said Thursday. According to the Seoul Metropolitan Government, 188 dispute cases were filed with the commercial lease dispute coordination committee last year, of which 28.2 percent or 53 [...]
SEOUL, Jan. 18 (Korea Bizwire) — South Korea’s finance ministry said Wednesday it plans to revamp a set of tax regulations on the property market to ease the financial burden of people amid soaring borrowing costs. Under the plan, South Korea will allow owners of two homes topay less taxes if they dispose of one [...]
SEOUL, Jan. 12 (Korea Bizwire) — South Korea’s finance ministry said Thursday owners of two homes will pay less taxes if they dispose of one of them during an extended period amid a slump in the home market. Under the plan, such homeowners will not be subject to heavier taxation if they offload one of [...]
SEOUL, Jan. 5 (Korea Bizwire) – The city government of Seoul on Thursday lifted a citywide 35-story limit on apartment buildings to allow more flexible city planning and more colorful landscapes, officials said. The city will abolish the blanket cap that had been applied to Grade-3 residential buildings across Seoul and permit the maintenance of [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korea will lift property-related regulations in most of Seoul and metropolitan areas as the country’s housing market is at the risk of a deep freeze due to strict regulations and higher lending rates, the land ministry said Tuesday. The government will remove Seoul and its adjacent metropolitan areas [...]
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. 15 (Korea Bizwire) — The number of multiple home owners in South Korea fell 2 percent on-year in 2021, data showed Tuesday, apparently on tax burdens. The number of multiple home owners reached 2.27 million in 2021, falling from 2.32 million tallied in the previous year, according to Statistics Korea. They took up [...]
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 [...]