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vanland
Joined: 27 Feb 2007
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 Posted: Fri Jul 04, 2008 4:07 am Post subject: who has bought an apartment? General prices in your area? |
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Hi,
I did a search on this and didn't get far, the search function often fails for me when I search more than one word at a time (the blank white screen, anyone else?).
I am not quite on the verge of buying an apartment and would do tonnes of reserch first if I were going too, but I was wondering who here has bought their own place and what you paid (or the value of the place) and the location.
I have an idea of prices for Seoul, but a friend said in some smaller cities they can cost around 50,000,000. Cheaper than I expected. Of course readers here are in different locations, but if you know, can you share what the apartments cost (approx) in your area.
Just hoping to get a general idea of prices in various areas.
Thanks |
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Thiuda
Joined: 14 Mar 2006
Location: Religion ist f�r Sklaven geschaffen, f�r Wesen ohne Geist.
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| Posted: Fri Jul 04, 2008 8:38 am Post subject: Re: who has bought an apartment? General prices in your area |
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| vanland wrote: |
Hi,
I did a search on this and didn't get far, the search function often fails for me when I search more than one word at a time (the blank white screen, anyone else?).
I am not quite on the verge of buying an apartment and would do tonnes of reserch first if I were going too, but I was wondering who here has bought their own place and what you paid (or the value of the place) and the location.
I have an idea of prices for Seoul, but a friend said in some smaller cities they can cost around 50,000,000. Cheaper than I expected. Of course readers here are in different locations, but if you know, can you share what the apartments cost (approx) in your area.
Just hoping to get a general idea of prices in various areas.
Thanks |
Prices for apartments vary not just by region, but are also determined by the size of the apartment, as well as the age. In Wonju you can get anything from a 15 year old, 18 pyong apartment for about 48 million, to new, luxury 78 pyong apartments costing upwards of 200 million. Maybe a better way of asking the question would be to state your monetary resources and ask what you might be able to get in the various regions of Korea. |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Fri Jul 04, 2008 4:49 pm Post subject: |
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I live in a medium size city(about 500 000 people)
My apartment, brand new and 34 pyeong cost 450 million....
My friend just bought one that is 15 years old and 23 pyeong and it is 175 million.
I don't think there are any apartments in Korea that only cost 50 million. Good luck with that...
My wifes sister lives in the deep countryside(pop 20 000) in her town. they bought an 10 yo apart(1 of only 3 in the whole town), 23 pyeong and it cost them about 125 million and I don't think you will find anything much cheaper than that anywhere in korea. |
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ulsanchris
Joined: 19 Jun 2003
Location: take a wild guess
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| Posted: Fri Jul 04, 2008 4:53 pm Post subject: |
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| There are some cheap apartments around, but you wouldn't want to live in them, and your chances of selling one are very low. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Fri Jul 04, 2008 4:56 pm Post subject: |
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Only older apartments in smaller towns could possibly have 50mill prices. No one wants to buy them. Their value doesn't increase. Basically for the lowest earners or old people.
26 pyeong apartments in Seoul start at around 250mill. |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Fri Jul 04, 2008 5:26 pm Post subject: |
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| South of the river, Seoul - 290,000,000 and up. |
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aarontendo
Joined: 08 Feb 2006
Location: Daegu-ish
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| Posted: Fri Jul 04, 2008 5:42 pm Post subject: |
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Damn yeah places are spendy here. I've heard of people spending 500,000 usd on places in seoul. Piss on that I'll spend 100,000 to get a 3 bedroom condo in bangkok, put the other 400,000 into CD's or stocks and teach there at that point.
Out here in Gumi I've seen the real estate agents selling places for anywhere from 50,000 on up to around 150,000 usd. The premium buildings in town are around 300,000 usd. (and this is out in the sticks basically).
Yeah...ain't sinking money into that Korea's pit of a real estate world. |
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endo
Joined: 14 Mar 2004
Location: Seoul...my home
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| Posted: Fri Jul 04, 2008 5:49 pm Post subject: |
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Can foreigners purchase property in Korea?
Or do they need to be married to a Korean first? |
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esetters21
Joined: 30 Apr 2006
Location: Seoul
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| Posted: Fri Jul 04, 2008 6:03 pm Post subject: |
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Recently, the building association for the apartment that my gf's family lives in was requesting 500,000,000krw for exterior building renovations. That was just from them  . Others in the building would pay based on the size of their apartment as well (250,000,000 upwards). WTF? Who has that kind of money? Her father was the former president of that association, and got the whole plan nixed. |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Fri Jul 04, 2008 6:07 pm Post subject: |
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| endo wrote: |
Can foreigners purchase property in Korea?
Or do they need to be married to a Korean first? |
1. Yes.
2. No, |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Fri Jul 04, 2008 6:42 pm Post subject: |
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Buying an apt. south of the river is very difficult. Nothing lasts for longer than 2 weeks on the market (if that). Everything is being bought up. In the last six months, due to oil costs rising, et., house prices have jumped 50,000,000. That's a pretty good investment if you ask me.
Go to your local bo dong san and look around for a good agent. One that will give you the scoop on upcoming projects like highways and supermarkets that will be coming in. |
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saw6436
Joined: 16 Jan 2003
Location: Daejeon, ROK
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| Posted: Fri Jul 04, 2008 6:47 pm Post subject: |
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| I live in Daejeon. My apartment is 32pyung, 8 years old and cost W165,000,000 |
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meangradin
Joined: 10 Mar 2006
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| Posted: Fri Jul 04, 2008 7:18 pm Post subject: |
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"In the last six months, due to oil costs rising, et., house prices have jumped 50,000,000"
WTF! Are you joking? This makes no sense at all, so please explain the logic to me of rising oil prices = rising housing markets. If anything, prices should be tumbling. People have less money, ergo they can't afford to buy new apartments, especially if the cost of building the new apartments is rising ( Asuming you mean that construction costs have caused this increase, and not profits from a booming market).
IMO, Korea is in for a decrease in the real estate market (esp. outside of Seoul) |
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just because
Joined: 01 Aug 2003
Location: Changwon - 4964
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| Posted: Fri Jul 04, 2008 7:42 pm Post subject: |
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| Faunaki wrote: |
Buying an apt. south of the river is very difficult. Nothing lasts for longer than 2 weeks on the market (if that). Everything is being bought up. In the last six months, due to oil costs rising, et., house prices have jumped 50,000,000. That's a pretty good investment if you ask me.
Go to your local bo dong san and look around for a good agent. One that will give you the scoop on upcoming projects like highways and supermarkets that will be coming in. |
That information is grossly incorrect.
House prices at present are at the low end stalling and at the high end falling, considerably in some cases, up to 20% in the last year. they can't sell top end housing at the moment.
Real estates actually closed at a rate of 15% so far this year, especially in high price areas(or newer developments which are expensive anyway) due to lack of sales.
here is an english language article from the joonang newspaper for all non-korean speakers
http://joongangdaily.joins.com/article/view.asp?aid=2891626
If you can speak or read Korean and watch the news you would know this issue is a pretty hot topic and is being talked about regulrly on the news and there was an indepth report on it on KBS last week.
Due to people having not enough money to buy at the moment what is actually going up is the amount of jeonsae people have to pay, especially on cheaper smaller apartments for 2 reasons..
1. owners are not making as much money out of the interest or funds as they were previously so are asking for more money
2. the demand for smaller apartments is rising due to high apartment costs and lower savings so as demand rises for these types of apartments then the price goes up as well...
Now is not the time to buy...
the only way to make substantial money on real estate this year is to buy run down homes, bulldoze them and rebuild them and sell them off either individually or as a whole...you can average 50-75 million profit before tax if you do it this way with one house a year(any more and the tax really starts to bite).
Hope this helps in some way.... |
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aarontendo
Joined: 08 Feb 2006
Location: Daegu-ish
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| Posted: Sat Jul 05, 2008 12:55 am Post subject: |
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| On a side note, what sort of fees do you have to pay even if you own your own place. I assume there are management fees and such (upkeep money, ajeossi guard money, cleaning, etc.) what do those set ya back a month? And do you have to pay a hefty yearly tax on your places if you own em? |
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