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Korean "Condo" meaning?

 
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Drew345



Joined: 24 May 2005

PostPosted: Thu Apr 30, 2015 1:50 pm    Post subject: Korean "Condo" meaning? Reply with quote

What is the difference between a Korean "Condo" and "Apartment"?

It's a bit strange because Korean "Apartment" actually means American "Condo" (a multi-unit building with each individual unit individually owned). So that leaves me wondering what does Condo "콘도" mean to Koreans?

I think it might mean "Time-share" with multiple owners of the same unit?
I stayed in "Condos" a couple of times in Pyeongchang and Seokcho, and they were old, dirty and only about 10% occupied, so they don't seem great.

I am asking because the Korean government will give immediate F-2 visas to people investing enough money in certain areas, and one if these areas is for "Condo development".

Thanks,
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Captain Corea



Joined: 28 Feb 2005
Location: Seoul

PostPosted: Thu Apr 30, 2015 11:54 pm    Post subject: Reply with quote

Often like a resort time-share.
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denverdeath



Joined: 21 May 2005
Location: Boo-sahn

PostPosted: Fri May 01, 2015 1:03 am    Post subject: Reply with quote

Cheap hotel room usually with cooking facilities.
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Drew345



Joined: 24 May 2005

PostPosted: Fri May 01, 2015 3:06 am    Post subject: Reply with quote

I talked to a Korean friend and he said they are single owner, but you can't live in them... They are rented out occasionally. They sound like a terrible investment, who would by such a thing? Well, I'll go look tomorrow anyway.
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atwood



Joined: 26 Dec 2009

PostPosted: Fri May 01, 2015 8:12 pm    Post subject: Reply with quote

Drew345 wrote:
I talked to a Korean friend and he said they are single owner, but you can't live in them... They are rented out occasionally. They sound like a terrible investment, who would by such a thing? Well, I'll go look tomorrow anyway.

Time-shares are catching on in Korea; you can purchase hotel rooms, use them for a week or so and then get some type of payment when others book the room.

As for condos, there are a lot of restrictions on owning RE in Korea so buying a condo might be a way around some of that.
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Jake_Kim



Joined: 27 Aug 2005
Location: Seoul

PostPosted: Sun May 03, 2015 4:20 am    Post subject: Reply with quote

Condo is of course short for 'condominium', but its meaning went through some transformation as the word came through Japan.
'Condo' is understood exclusively as resort mansions in Korea, with no linkage to residential apartments. 'Investment' in them would rather mean purchase of 'membership' than ownership of equity or a unit itself.
Having a tradable membership has long been more of a 'status' thing than an investment per se, even though in good times the membership itself might have resulted in slight capital gain upon sale to a third party.
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