Foreign Property News | Posted by Zarni Kyaw
Thawing relations have South Koreans thinking about investing in North Korean real estate.
South Koreans are quite upbeat about North Korea’s real estate market after several inter-Korean summits that signaled Pyongyang’s will to open itself up more to the world.
People in South Korea, in particular, look to grasp investment opportunities in the real estate market in the North, hoping to take advantage of its expected growth and demands in the future.
As witnessed previously, interest began to grow in areas located around the border with North Korea.
South Korea’s Paju city and Yeoncheon county are a good example, as are several Chinese cities, including Dandong.
The price of lands and buildings in these cities has soared and real estate agencies and consulting firms are busy with inquiries. This time, however, the real estate interest stretched further.
There are an increasing number of people who are interested not in areas near the border with North Korea but actually inside of it.
For one, South Korea’s local media outlets suggest that that the housing market in North Korea is in short supply compared to demand.
It is understood that the North needs an additional 23,000 to 24,000 houses per year for the next 20 years.
This includes the demand for reconstruction and redevelopment of old houses and also for high-end housing.
Through regular seminars, the members of the association analyze and discuss topics related to investments in the North Korean real estate market, such as the North’s real estate law and sales trends.
Ref : Property Report
