KOrea has already been financially destroyed - always an over reaction. Soeul is a great city (I haven't read the article) but I think it was persecuted for general asian excesses. Fantastic shopping, great heavy and tech industries, and without doubt the best looking girls in Asia! It will be Japan in 10-20 years!
Hi, I am very interested in this, are you doing research on this, or are you intending to go and investigate this personally? I would love to know more, and if it is as good as it looks I will be on the first plane with as many peoples cheque books as I can carry.
One question..... do you have to be a local to own R.E.?
My friend is Korean guy, he is living in Sydney now. He is "renting" out his house in Korea.
As he explained to me the rental market is total unlike anything in the western world. In Korean, private "pay-by-the-month" residential rentals is prohibited under law. Basically the "renter" has to hand over approximately the value of the property to the "owner", I don't understand fully, but the method is the "renter" purchases the property and the "owner" assumes the legal obligation to re-purchase the property back at a set price after two years. For example "renter" pays (basically takes out a loan) for 200K and buys the property from the owner, the owner then has the right to purchase the property back after 2 years lets say at $150K, he pockets the 50K as profit in lieu of rent!
This keeps renters out of the market and living with Mum and Dad until they can afford a house of their own! As you may imagine this would create a big demand for lower priced apartments, and keeps a lid on the housing crisis as it keeps the "kids" at home!