Korean Job Discussion Forums

[chaz47]

I've been hearing that the Korean housing bubble is soon to burst. This makes me leery of keeping my savings here in the ROK. Now, mind you I definitely do not see the US as a safe haven for my acorns either.

What do you guys think? Where is a good place to stash cash internationally?

I have been considering Thailand as I'll probably end up there eventually anyway in years to come. And also, being a primarily tourism-based economy, aren't they likely to weather most economic downturns fairly well? I mean, not all the world's economies are likely to bottom at the same time and tourists from all over the world flock there. So, while not a 'powerhouse' economy, my guess is that it's pretty stable.

[RangerMcGreggor]

Considering how many abandoned apartment complexes I see... I thought it already bursted

[T-J]

That thing back in '97.... how did that start again?





Oh yea... now I remember....


http://en.wikipedia.org/wiki/1997_Asian_financial_crisis

[creeper1]

If highly trained economists can't predict the timing of a bubble bursting what makes you think a bunch of TEFLers can?

Spread your risk - shares, real estate, gold, commodities. They won't all go down.

[jvalmer]

There will be no bust in the town I'm living in. You can pick up a pretty nice 3/4 bedroom apartment for under 200-million won. Can't get much cheaper than that.

[Stan Rogers]

Doomsday prophecies are so fashionable now. The darker the better.

[Lucas]

[meangradin]

Reports of the bubble have been around for years and yet things are pretty stable. Also, I think a Korean bubble would be far less severe than in the west as the Korean govt. would pour beaucoup won in to the market to keep it as stable as possible. Will there be a correction? Most assuredly, but utter collapse, I doubt it. In Ulsan, prices continue to rise to the point that he most desirable place now goes for over 25 m/pyg. This despite massive new developments everywhere within the city. Finally, as one poster mentioned, real estate in Korea is a pretty good deal, especially in busan.

[Unposter]

I have actually read that housing prices are starting to go up; some people think Korean real estate prices have already hit bottom and are in the process of rebounding. The main reason is that key money or cheonsae has sky rocketed making purchasing a home much more financially reasonably.

What TJ was alluding to is that the 97 economic crisis started in Thailand when they had problems paying back their loans so maybe Thailand is not the best basket to put your eggs.

Korea has done a pretty good job of weathering international financial storms so far so it may be a safer place than you think.

[Captain Corea]

I' not sure Korean (Seoul) real estate prices have moved at all in the past 5 years. Seem really stagnant to me (but chunsae is growing like its on... steroids)

[PatrickGHBusan]

The bubble has already partially bursted. The prices for apts are going down in many areas and apt sales are also down in new buildings.

The apt we own in Busan has not gained in value that much in the past few years and it is in a good area. The flip side is that we got it for cheaper when we bought it because prices were already down by a fair margin back then.

[cabeza]

I'm not usually a grammar nazi, but you are the second person now to say the bubble "bursted".
It's burst/burst/burst isn't it? I've never seen the past simple or particple as "bursted". Is this some weird Americanism?

[PatrickGHBusan]

The bubble has burst, or it popped.

All is well.

[jvalmer]

[KimchiNinja]