Koreans Can Buy More Property Overseas

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Koreans Can Buy More Property Overseas

South Korea plans to fully liberalize overseas real estate investments by Korean businesses and individuals this year. The Ministry of Finance and Economy (MOFE) declared January 6 that it would immediately raise the $500,000 ceiling on overseas real estate investment by individuals to $1 million, while the cap for businesses would be raised to $10 million, up from $3 million. The measures aim to ease the oversupply of foreign currency in order to cope with the rapid rise in value of the Korean won. The won recently hit an eight-year high, trading at 987.30 per dollar, the strongest since Nov. 14, 1997.

Source: Korea Times (January 07, 2006);