Korean Job Discussion Forums

[Drew345]

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,

[Captain Corea]

Often like a resort time-share.

[denverdeath]

Cheap hotel room usually with cooking facilities.

[Drew345]

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.

[atwood]

[Jake_Kim]

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.