March 29, 2024
Analysis

The rapidly developing world of North Korean real estate

Prices of homes have increased as much as dozens of times over in the past decade

When you visit North Korea, you are most likely to be told by your guides and minders that all the living houses in this country belong to the state. According to the oft-repeated official story, that first build the first quality houses and then benevolently distributes available living space to the hardworking citizens of North Korea. The exemplary shock workers, you are likely to be assumed, might be given some preferential treatment, but generally the distribution is equal and fair, done in accordance with one’s family needs.

However, like many other things you might hear while in North Korea, such statements are not entirely true.

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