There are few markets in South Korea more competitive than real estate. So in 2018, at the apex of President Moon Jae-in’s outreach campaign to North Korea, many saw this as an opportunity to invest in property near the inter-Korean border.

Jo Byung-ouk, a long-time real estate agent specializing in the area, said he had never seen anything like it in his 18-year career.

“People came from Seoul, and even from the United States,” the realtor said.

Jo and other realtors were suddenly in high demand from people certain there would be a wave of redevelopment, construction projects and new