Koreans move into overseas property as spending almost doubles
South Korean overseas property buyers almost doubled their spend on real estate abroad in the first quarter of 2012 according to government figures.
$49.5 million was spent on foreign property by Koreans from January to March…an increase from $27.7 million from the final quarter last year, according to the Ministry of Strategy and Finance.
America was the most popular destination, according to the Ministry. However, despite buys in the area accounting for 64.2% ($28.6 million) of all purchases, this percentage was down from 77.9% for the same period last year.
The Ministry said: “South Koreans’ acquisition of overseas real estate is unlikely to improve for the time being due to the delayed recovery of the U.S. housing market, a key target of acquisitions, and global economic uncertainty.”
South Koreans also bought $3.5 million-worth in Australia, $3.2 million in Canada, $2.9 million in Hong Kong, $2.7 million in the U.K., $2.3 million in Singapore and $1.6 million in the Philippines.