The size of foreign property bought by South Koreans surged this year following the easing of investment restrictions, a government report said Sunday.
In a report to the National Assembly, the Ministry of Finance and Economy said US$193.4 million were sent abroad up till July to pay for properties bought.
The government eased overseas property purchase rules on May 22 that allowed ordinary people to buy commercial buildings and land for investment purposes.
The ministry said the total number of purchases reported reached 526 cases, up from 29 in the same seven-month period last year. In terms of value, it shot up 20.8 fold from $9.3 million.
It also said the average cost of property bought stood at $370,000, which compares with $320,000 last year. Most of the purchases involved commercial buildings, with only seven involved land.
By country, South Korean bought 202 separate pieces of real estate in the United States, followed by 136 cases in Canada and 74 in China, the report said.
Seoul, Oct. 8 (Yonhap News)
Foreign property purchased by S. Koreans surge this year |
