Business Korea
business korea
Commercial Real Estate Investment in Korea
Korea, known as the ‘land of morning calm,’ is situated in a key location in East Asia. The mountainous Korean peninsula stretches about 500 miles south towards Japan. In recent years, the country has achieved tremendous economic growth. Modern Korea is a stable nation both politically and economically. A large number of foreigners are now attracted to invest in all sectors of the country’s economy including the property market. This has strengthened the property market in the country.
Korea is one of the prime property investment destinations in Asia Pacific. Not only is the country’s property market transparent, but the economy itself is very dynamic, offering much scope for growth and development.
The term ‘commercial real estate’ includes properties used for commercial, industrial, medical or educational purposes. Residential properties having more than four residential dwelling units also are considered commercial properties. Commercial properties include hotels, office buildings, shops, retail space, and warehouses.
Commercial property market provides massive investing opportunities. Investing in commercial properties means acquiring commercial properties such as mobile home parks, office buildings, retail properties, and even raw land. Commercial properties often carry a higher degree of risk. It turns out to be beneficial only, if you have a sound knowledge about this market.
The property market in Korea offers you much potential for growth, though the prices of real estate in the country are comparatively high. Korea’s property market prices have seen a rapid rise throughout the country, especially in the Seoul metropolitan area.
In 2002, residential property prices increased a sharp 50% over the previous year and commercial property prices hiked up by about 10%. This upward trend in the property prices is expected to continue for some years. The prices are still higher in such prime locations as Seoul. But, investing in commercial properties in Seoul offers you huge benefits, owing to factors such as the landlord-friendly leasing system, market lucidity, and easy convertibility of capitals.
Seoul, the political and commercial capital of Korea, has a large concentration of all types of commercial properties. The two most prominent business districts of Seoul are Yoido and Kangnam. Yoido is home to a large number of financial institutions including the Korean Stock Exchange.
The demand for the country’s commercial property is growing rapidly among global asset managers. Commercial property market in the country has matured to become more stable, and it is the least volatile in Asia with a steady vacancy rate at 4 percent. Asset managers forecast the Korean commercial property market will continue to expand for two to three years since the demand for office buildings and commercial space is strong, whereas supply is limited.
People invest in the country’s commercial properties mostly in order to provide them for rent or lease. The country’s commercial properties are regarded as one of the greatest assets. Commercial property market in Korea is an ideal choice for anyone who wishes to make the most of his money.
Laws pertaining to real estate transactions in the country are quite liberal and simple. Unlike many Asian nations that impose restrictions on foreigners to invest in properties, Korea does not prescribe any specific restrictions for foreigners to buy or sell a property. Foreigners should, however, comply with the FLAA Act (the Foreigner’s Land Acquisition Act).
During the past couple of years, the country’s property market has been greatly influenced by speculative demand, owing to the large amount of available capital and low interest rates. As the earning rates of financial capital have fallen in recent years, Investors have come to look upon real estate as a possible option that may yield large returns as the earning rates of financial capital diminished in recent years.
The real estate fiscal systems in the country include asset-backed securities (ABS), mortgage-backed securities (MBS), and real estate investment systems (REITS). These real estate products can be classified into two categories, depending on their characteristics. The first involves securities based on asset liquidity and the other involves real estate mutual funds or real estate securities.
The country’s real estate financing market will continue to expand in the coming years owing to the steady increase in demand. It is encouraged by government policies designed to promote the secondary mortgage market.
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
how can i become involved in tutoring business english in seoul, south korea?
I want to work in Seoul next year. I just don’t want to work in English academy hell!!! Can anyone help me out with a game plan? Thanks~
You will have to work for someone that will supply you with an E2 visa. However a business student or company looking for a tutor would not be able to do that. You could always do what some other people do, come to Korea on a tour visa, apply for a sort term stay (C3 visa), get an I.D. number and live on several other tour visas throughout your time here. (you could use that I.D. number even after it expires, for banking, cell phones etc.) This is highly illegal, however the population of illegal status teachers here are very high. Canadians are more prone to this, they recieve a 6 month tour visa, followed be 3 month tour visas from Australia, New Zealand, England, Ireland, South Africa, and America has joined the crowd.
Just apply for a job at Pagoda, BCM, YBM. or CDI. They pay well and the schedule isn’t bad. Usually split shifts, 7am-9am, 6pm-9pm (Example). During the day you could search for other privates if you’ve got the energy. They supply housing, severance, airfare, and insurance, and it’s a stable position. Just teaching business students independently is not stable. (mostly only lasts 3-6 months) I worked for BCM for a year, that was the best academy, benefits rocked and the boss was awesome. (BCM has a policy that all license owners must be at advanced English status)
Check out www.worknplay.co.kr
www.englishspectrum.com
Provided that you have no criminal record, have not used drugs in the past 6 months, and have a legit 4 year degree from an accredited university. (This are the qualifications for a legal E2 visa)
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