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Koreans Head Overseas for Property Investment

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real estate  Korea  USD  real estate market  overseas real estate  Finance Ministry 

Koreans Head Overseas for Property Investment

By - Friday 18 February 2011

Investment in overseas real estate by Koreans surged by in excess of 170 per cent in 2010 compared to the previous year as a result of the global economic recovery.

The Finance Ministry has announced that Korean residents bought overseas real estate valued at USD 611.5 million last year, up 174 per cent from a year earlier. Transactions also spiked, with a total of 887 real estate changing hands, compared with 522 a year earlier, the ministry said

Individual investors bought USD 565 million worth of real estate, while corporate entities purchased USD 46.5 million worth of properties.

However, despite the massive jump, investments have yet to bounce back to the pre-crisis level. Last year's total investment represents around 52 per cent of what was seen at the peak of the market in 2007, where USD 1.17 billion was spent on overseas real estate.

Domestically speaking, the real estate market in Korea has remained stagnant in comparison, despite the government's efforts to reignite it. 

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