Korean apartments

Dear guys,

Over in Korea for a couple of weeks. Couple of quick comments.

Have just stayed in a unit development not far from Namsan in Seoul.

Absolutely amazing from a property point of view.

1) Development has over 5,000 individual units. Each block has 100-120 units in each. Absolute sea of units.

Price of one of the larger units was $700,000.00 (Australian equivalent)

(Still the units are nice but I was amazed that it had a shower curtain on a development that was only 3-4 years old.)


2) Realestate agents

Looked at a block of shops at the bottom of the apartment complex. How many realestate agents? 10 in this small block. Other interesting thing was that the advertisements did not show any pictures of the apartments. Just had text as it seems to be assumed that most apartments seem to look like each other after a while.

3) Bond

They have a special type of bond for houses called "Key money". This is really prohibitative. One that I saw in the same block had key money of about $150-200k.


Opens your eyes up to what happens when you take limited land and have to develop housing to take care of 12 odd million people in a very small area.

Makes you appreciate certain parts of Australian housing. But we can certainly learn a lot from high density living.

Cheers,

Sunstone.
 
Top