Investors holding out for a decade of profits in fast-growing ASEAN economy
While the US still commands the bulk of real estate investments from South Koreans, Vietnam is hot on its heels.
Vietnam is the second most popular destination among South Koreans for overseas property investment with USD56.1 million in 2018, according to Bank of Korea data released Sunday. It trails only the US, which received USD255.2 million in property investments last year.
With foreign ownership laws relaxing in Vietnam since 2015, South Koreans have been wont to buy condominiums in the Southeast Asian country, mostly for around KRW300 million (USD269,000), reported The Chosunilbo.
“As the Vietnamese economy grows at breakneck speed, home prices are expected to soar, and many people are purchasing several apartments there expecting profits 10 years from now,” Park Sang-wook at Woori Bank said.
Other Asian countries have proven to be almost as attractive. Thailand gained USD15.5 million in South Korean property investments last year, while Japan welcomed USD15.8 million.
Canada ranks as the third biggest market for South Koreans with USD16.9 million.
Overall, South Koreans parked USD445.1 million in overseas properties in 2018, an increment of 47 percent from the previous year. The figure is also 3.8 times higher than five years ago.
Most restrictions on South Korean investments in overseas real estate were lifted in 2008.
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