{"id":42391,"date":"2017-01-31T18:14:28","date_gmt":"2017-01-31T11:14:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-something-strange-happening-to-north-korean-property-prices\/"},"modified":"2017-01-31T18:24:07","modified_gmt":"2017-01-31T11:24:07","slug":"is-something-strange-happening-to-north-korean-property-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-something-strange-happening-to-north-korean-property-prices\/","title":{"rendered":"Is something strange happening to North Korean property prices?"},"content":{"rendered":"


\nThe real estate business is only tacitly permitted in the Hermit Kingdom
\nSkyline view of Ryugyong Hotel, an unfinished 105-storey, pyramid-shaped skyscraper in Pyongyang, capital of North Korea (DPRK). Chintung Lee\/Shutterstock
\nApartment 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.
\nOne 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.
\n\u201cThe residential property is attractive to major market heavyweights even though it wasn\u2019t built recently,\u201d the tipper said. \u201cEase of transportation seems to be the major pulling factor.\u201d
\nMore: Is North Korea plying skyscraper builders with crystal meth?
\nThe city is home to Doksan Farmers\u2019 Market (formerly Pyongsong Market), the largest distribution wholesale market in North Korea.\u00a0\u201cYokchon-dong became more popular because (merchants) can directly unload their cargo near the residential area, which is located at a major transportation hub,\u201d another source tipped Daily NK.
\nConversely, Okchon-dong, home to the General Market, has fallen out of favour with merchants because of its narrower roads. \u201cThe price of apartments in Okchon-dong are rising due to the market, but the houses in Yokchon-dong are showing an even sharper rise,\u201d the source said.
\nAlthough buying homes is technically illegal still in North Korea, some real estate agents have conducted transactions due to their connections to the country\u2019s ruling Worker\u2019s Party. \u201cThe brokers are closely connected to authorities, so people with money use the brokers for housing transactions,\u201d one source told Radio Free Asia.
\nRead next: Thanks, but South Korea only wants \u2018real\u2019 home buyers
\n
\nSource : property-report.com
\nRead more…Is something strange happening to North Korean property prices?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The real estate business is only tacitly permitted in the Hermit Kingdom Skyline view of...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-42391","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-b1J","jetpack-related-posts":[{"id":33482,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/thanks-but-south-korea-only-wants-real-home-buyers\/","url_meta":{"origin":42391,"position":0},"title":"Thanks, but South Korea only wants \u2018real\u2019 home buyers","date":"November 8, 2016","format":false,"excerpt":"\r New property curbs unleashed in Seoul and other cities Pedestrians crossing the street near Gangnam Station in Seoul. 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