South Koreans' Overseas Real Estate Purchases Double in H1

South Korean residents' overseas real estate purchases doubled in the first half of this year from a year earlier because of government deregulation, the central bank said Tuesday.
According to the Bank of Korea, residents reported 1,992 cases of purchasing foreign real estate properties worth US$602.6 million in the January-June period, up from 980 cases worth $323.4 million a year earlier. Some $510 million, accounting for 85 percent of the declared amount, were remitted abroad.
As part of measures to stop the won's gain against the greenback by spurring capital outflow, the government raised the ceiling on individuals' overseas property purchases for investment to $3 million from $1 million in February and removed limits on purchasing properties for residency in March.
Individuals declared 1,357 cases of buying houses and shops valued at $564.7 million in the first half, up from 377 cases worth $156.8 million a year ago, as purchases for investment purposes shot up. Their buying accounted for 93.7 per cent of the total purchases.
Individuals' real estate purchases for investment surged to 962 cases worth $391.2 million in the first half from 62 cases worth $21.9 million a year earlier. The purchase of residences amounted to 395 cases worth $173.5 million, compared with 314 cases totaling $134.9 million from a year earlier.
Individuals invested most heavily in the United States to buy homes and shops, followed by Canada, Singapore and Malaysia. Asian nations including Singapore, Malaysia and the Philippines emerged as popular investment destinations.

Corporate buying of properties came to 35 cases worth $20.1 billion in the first half, compared with 12 cases amounting to $149.8 billion a year ago, amid a fall in real estate development projects in foreign nations.
Overseas membership purchases, mostly golf club memberships, inched up to 600 cases worth $17.8 million in the first half from 591 cases valued at $16.8 million a year earlier, the central bank said.