Arab Today, arab today s korea\s purchases of property top us100 mln
Last Updated : GMT 10:36:23
Arab Today, arab today
Arab Today, arab today

S. Korea\'s purchases of property top US$100 mln

Arab Today, arab today

Arab Today, arab today S. Korea\'s purchases of property top US$100 mln

Seoul - Yonhap

South Koreans\' acquisition of overseas real estate jumped in April from a year earlier, surpassing the US$100 million mark for the second month in a row, government data showed Sunday. According to the Ministry of Strategy and Finance, South Koreans purchased 225 land lots and buildings in overseas countries for $103 million in April, up from 42 purchases worth $33 million a year earlier. The April tally represents a slight monthly increase in the number of new real estate purchases, but a decline in terms of their value. In March, South Koreans acquired 193 pieces of land and buildings abroad and paid $111 million in total value. \"Purchases of overseas real estate declined sharply since the subprime mortgage crisis in July 2007, but it is beginning to rebound,\" a ministry official said. Southeast Asia was the most popular destination in April for South Korean real estate buyers, who purchased $18 million worth of 147 land lots and buildings. Acquisition of real estate in North America, however, declined to 57 cases worth $43 million in April from 87 cases worth $75 million in March. Ninety-five percent of offshore real estate buyers were retail investors, with institutional or corporate investors accounting for a mere 5 percent, it said.

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