S Korea moves to awaken idle property market
Easier mortgage rules are helping people turn to purchase of homes
[SEOUL] After moving six times in 10 years, Choi Youn Ho, a 46-year-old chemical researcher, said he is hopeful easier mortgage rules will finally allow him to buy a home on the outskirts of Seoul for his family of four.
"I'm sick and tired of finding a new home, packing and moving every two years, whenever the lease contract expires," said Mr Choi, who works at a chemical trading firm and had a 24 per cent increase in rent in May when he moved into a new three-bedroom apartment. "I can get a bigger loan now; it may be the time to finally buy a home rather than swallowing this crazy rent rise."
South Korea loosened banks' mortgage restrictions this month as Finance Minister Choi Kyung Hwan, appointed in July, seeks to revive a stagnan…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore Q1 industrial rents rise further 1.7%, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction