|
|
| |
|
Opinion & Analysis |
The ’desirability’ theory
by The Luxury Expert
Despite rankings of various ’best’ cities around the globe, Alex Shlaen feels that the data is not accurate enough
Malaysia: An investor’s look
by Tay Han Chong
Tay Han Chong tells Property Report the pros and cons of investing in Malaysia.
Property Investment : The Basics
by Annie Lim
Annie Lim explains the ups and downs of property investment and some of the basics knowledge that one needs when investing.
Legal issues with the transfer process.
by Desmond Hughes & Timo Bauer
If you want to make a point about the nonchalant attitude of a developer and agent to timing, what can you legally do?
Good deeds. How good is your title?
by Julian Male
The dream of owning your own piece of paradise can turn into an investor’s worst nightmare unless you know your legal rights.
2008/2009What an eventful year
by Dr Chua Yang Liang
Despite the weak economic outlook, 2009 took the property market by surprise doing much better than expected.
|
|
| |
|
|
|
|
|
|
| |
|
|
| |
|
|
Seoul, like the rest of South Korea, is coming off the back of just under a decade of strong economic growth and a property market that required layers of government restrictions to prevent it from over heating. Now however, with the global slowdown beginning to bite, the government has been implementing a host of measures to help stave off the worst effects of the slowdown. Seoul's commercial property market has been one big winner; the government recently cut away restrictions and opened up to foreign institutional investors. Two massive real-estate developments led by international developers were drawn up and are now under construction in the Youido business district. The first, The International Finance Centre Seoul is a 5.4 million sqft project which will contain a multiplex cinema, five-star hotel and office space is being backed by a unit of American International Group Inc., the New York-based insurer. The same area will be further overhauled with Skylan Development Ltd's $2 billion project that will include one the country's largest shopping centres, a hotel and office towers.
The larger Seoul area is also seeing massive construction projects. 40 miles southwest of the city a massive $25 billion New Songdo City International Business District is being built through joint venture by New York-based Gale International LLC. The office market is proving particularly attractive to overseas investors interested in the city's property market because Seoul's office vacancy rates are under 2 per cent. Despite the fact that a huge range of office developments are set to come online and the global financial slowdown, rents for existing buildings are expected to rise by 3 to 4 per cent a year.
Seoul, which is the world's fifth most expensive city for expatriates, is one of the few places in the world that could actually benefit from slowdown in demand in its property market and if its government's initiatives work as well as they have done in the past, it should be facing a soft landing.
Condos in Seoul
Immense demand is fueling price increases across all areas of the property market, and Seoul now ranks as the fifth most expensive city in Asia and 15th in the world for renting accommodation in prime areas, according to a recent survey of three-bedroom apartment rental prices conducted by ECA International. Demand should cool somewhat in the coming years however, not least because of the government's commitment to build 1 million new apartment homes by 2012 which it made in order to bring down prices when they threatened to spiral out of control two years ago. Housing prices in the capital and the surrounding province rose 18.9 per cent and 24.8 per cent, respectively in 2007. The average rental price of apartments in Seoul is around US$26.67 per sqm. More on buying condos in Seoul.
Houses and land in Seoul
Given the massive population, density and property demand it is rather unsurprising that high-rise condominium or apartment units are the most common accommodation and investment options in Seoul. Villas do however occasionally come onto the market and they offer very high rental yields. Villas are being rented out at the average rate of US$26.68 per sqm. More on buying houses and land in Seoul.
Top tips for Seoul property
Guide to buying condos in Seoul
Guide to buying houses and land in Seoul
Top  |
|
|
|
| |
|
|
|
Recent News
