The real estate business is only tacitly permitted in the Hermit Kingdom
Skyline view of Ryugyong Hotel, an unfinished 105-storey, pyramid-shaped skyscraper in Pyongyang, capital of North Korea (DPRK). Chintung Lee/Shutterstock
Apartment values in Pyongsong City in North Korea are spiking, thanks to smoother modes of transit and a moneyed class that wants to be closer to them, according to Daily NK.
One apartment building in the Yokchon-dong area has seen unit prices grow from USD40,000 to as much as USD60,000, sources close to the Seoul-based publication reported. The building is located near major arteries and a railway station.
“The residential property is attractive to major market heavyweights even though it wasn’t built recently,” the tipper said. “Ease of transportation seems to be the major pulling factor.”
More: Is North Korea plying skyscraper builders with crystal meth?
The city is home to Doksan Farmers’ Market (formerly Pyongsong Market), the largest distribution wholesale market in North Korea. “Yokchon-dong became more popular because (merchants) can directly unload their cargo near the residential area, which is located at a major transportation hub,” another source tipped Daily NK.
Conversely, Okchon-dong, home to the General Market, has fallen out of favour with merchants because of its narrower roads. “The price of apartments in Okchon-dong are rising due to the market, but the houses in Yokchon-dong are showing an even sharper rise,” the source said.
Although buying homes is technically illegal still in North Korea, some real estate agents have conducted transactions due to their connections to the country’s ruling Worker’s Party. “The brokers are closely connected to authorities, so people with money use the brokers for housing transactions,” one source told Radio Free Asia.
Read next: Thanks, but South Korea only wants ‘real’ home buyers
Source : property-report.com
Read more…Is something strange happening to North Korean property prices?
