SEOUL, Jun. 4 (Korea Bizwire) – A household headed by someone in their 20s would need to save for 86.4 years to afford an apartment in Seoul through savings alone, according to a new analysis that highlights the daunting challenges facing the younger generation in the country’s real estate market. The study, released on June 3 [...]
SEOUL, Mar. 15 (Korea Bizwire) – Criticism is mounting over the severe financial strain that housing costs are placing on young people in Seoul. Recent figures have shown that the average monthly rent for small apartments in Seoul, specifically those under 33 square meters in size and with a security deposit below 50 million won, now [...]
SEOUL, Mar. 15 (Korea Bizwire) – A recent study has revealed that 7 out of 10 young adults aged 25 to 39, residing with their parents in apartments, have no immediate plans to live independently until marriage. The study, titled ‘Trend Report: The Kangaroo Tribe,’ was released on March 14 by Focus Media Korea, the operator [...]
SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners. Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]
SEOUL, Feb. 26 (Korea Bizwire) – Amidst the ongoing economic challenges marked by high inflation and interest rates, recent data has revealed that individuals in their 30s and 40s who have taken on debt to purchase homes are the ones who have most drastically cut back on their spending following the rise in interest rates. A [...]
GIMPO, Jan. 12 (Korea Bizwire) – The city of Gimpo in Gyeonggi Province has decided to take legal action against a construction company, Y Construction, and its supervisory team for violating building height restrictions near Gimpo Airport, causing delays in apartment occupancy. The city announced on January 10 that it planned to file a complaint with [...]
SEJONG, Jan. 9 (Korea Bizwire) – A recent study conducted by the Korea Research Institute for Human Settlements reveals stark disparities in healthcare and education access between high and low-cost housing areas in Seoul. The study, released on January 8, indicates that the number of medical clinics or hospitals and doctors per capita is significantly lower [...]
SEOUL, Oct. 10 (Korea Bizwire) – The share of gifted properties in the housing transaction market continues to decline. According to housing transaction statistics compiled by the Korea Real Estate Board on Sunday, the nationwide share of gifted properties in housing transactions was 6.8 percent in August, the lowest since June 2020 when the figure was [...]
SEOUL, Jan. 4 (Korea Bizwire) — Home prices in South Korea are cooling at a jaw-dropping clip amid soaring borrowing costs and an economic slowdown, portending that indebted home owners may face the toughest-ever challenge this year and Asia’s fourth-largest economy may suffer a decline in private spending. The country’s apartment prices nationwide fell 0.76 [...]
SEOUL, Nov. 19 (Korea Bizwire) — South Korea will supply 114,000 public ‘jeonse’ houses by 2022 to help tackle a shortage of the two-year contract-based rental homes, the transport ministry said Thursday. The government plans to purchase existing homes to convert them into public jeonse houses mainly for the underprivileged who have difficulties in finding [...]