The news of U.S-North Korea summit ending in a success is driving up the real estate prices in northern Gyeonggi Province, South Korea with speculators rushing to grab a piece of land bordering North Korea.
According to real estate industry sources on Wednesday, telephone calls are flooding in the real estate agencies in Paju and Munsan, two of the northernmost towns of South Korea, to purchase houses and lands in the region. Those towns are located close to the border between South Korea and North Korea, and just about 30 kilometers away from Seoul.
The real estate prices in and around Paju and Munsan have been going up with relations thawing between the two Koreas, and prices are going even higher up after the meeting between Donald Trump and Kim Jong-un, said a real estate agent in Paju. “There are some landowners withdrawing sale and asking for twice more price.”
Another real estate agent in Munsan informed that the asking prices for privately-held lands in the demilitarized zone have gone up to 300,000 won ($278) per 3.3-square-meter from 100,000 won after the inter-Korean summit in April.
“We’ve been receiving calls from property buyers in Seoul and other cities, and there was even an inquiry to purchase a plot of land by a group of 10 investors,” said the agent, adding that there are real estate agents opening new offices just for those who are looking for speculative investment opportunities.
By Park In-hye and Cho Jeehyun
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]