June 06, 2023

Real estate values drop at inter-Korean border as hopes for peace diminish

Investors rushed to snap up property when North and South Korea were on good terms. But then the bubble burst.

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.