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Invest in Seoul and get rich!


clock03-29-2010, 12:06 AM
Yorum: #1
Well, I guess it's my time to make a promotion of Seoul [img]images/smilies/smile.gif[/img]



Investing in Real Estate in Seoul: If you have money now, buy a property in Seoul. Apartment prices are going down (temporarily, I know, trust me) because of the "intentions" of this soon-to-depart government to "move" the capital to another city, thing that won't be happening soon, if ever.



But why put hundreds of thousands of dollars into real estate in a country with so much political tension?

It pays. To give you an example, an 160 m2 apt. in a good residential area costed about $250,000 in 2000. Now, in 2004, it costs over $700,000. And now prices are falling, but that area of Seoul hasn't dropped one dollar.



Then what determines mostly the rise or fall of apt. prices in Seoul? Education. Koreans are obsessed with education. Ranking of schools and number of students to enter top universities like Seoul and Yonsei Univ. are huge factors. Families move from one apt. to another only to get from "the best" elementary to "the best" high school.



What else? Business, convenience, safety, green areas, Han river views... But all of that together is not as a strong determining factor as education.

Seoul is about 600 sq. Km but according to some estimates up to 13 million peole live and/or work there. Seoul houses Korea's top schools in any level, from elementary to university. The best and most important museums, the biggest subway system and the world's 4th, a new bus system, one domestic airport at a 5 min ride connected to the subway system and one of the largest intl. airports at less than 40 km with a railroad connecting to the KTX TGV in 2007.



But of course Seoul, as other megalopolis has problems like traffic, deliquency and pollution. But is the local gov. doing something for that? Of course! That's the beauty of this city.



To reduce traffic jams they implemented a one-day-a-week-off system of stickers for pass. cars (not helpful), a newer faster and more convenient bus system, another 4 lines of subway U/C or in the plan, and well, what better way of reducing traffic than oil prices going up, specially diesel which used to be less than half of gasoline. Taxis fares are cheap, all equipped with A/C and free translation service, and more and more bike paths are being made in residential areas with bike "parking" at subway stations. But traffic will still happen, with over 2 million registered vehicles in the city, what else can you do?



But what about pollution? Well, this is what I like the most. The remaining factories in Seoul have to pass much tougher regulations than before. All Taxis use only LPG which is a much cleaner type of fuel, and all buses will be NGV (natural gas vehicles) by 2007. Plans to build elevated monorail systems on business centers like Gangnam and Yeouido have been proposed.



And well, other things that make it more livable in Seoul is the constant efforts to make it much greener. Before the 2002 World Cup they finalized a plan to plant 10 million trees all over the city. And with parks like the "new" Yeouido park, the Sangam Sky Park on Nanjido (with an green area larger than NY central Park), Seonyudo Island park, the Cheongyecheon stream banks and the revamped Han river parks, Seoul is getting greener than ever. And other parks are on the way, including possible plans to convert the current US base in Yongsan into a Central Park.



Oh, and about the delinquency? Hey, it's one of the most populated cities in the world (if not the No. 1) and of course there's gonna be some thieves and robbers. But hey, I'm from Venezuela, during my total of 10 months living in Seoul I never felt more free and more safe in my 25 years of living! I could really "breathe" in Seoul and go out at anytime of the night almost anywhere and nothing ever happened to me. But I guess you do have to be careful.



So, if you really have the money to invest, think of Seoul and follow my tips while finding an apt.:

1.- Near an above-average ranked school (elementary or high school)

2.- Near a subway station (up to 10 min walk)

3.- "A view", it could be of the Han river or mountains.

4.- Avoid buying at Gangnam, prices are already ridiculously high.

5.- Search the internet to know the prices before even going to take a look. Pages like yahoo.co.kr or land.co.kr are really helpful.



For anyone who read all this, wow, get a life, hehehe... but any criticism won't be welcomed, for this is my personal opinion and maybe a good advice. Facts might not be 100% accurate, but who cares? [img]images/smilies/smile.gif[/img]
clock07-07-2012, 06:00 PM
Yorum: #2
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