Investment in property Exceeds GDP
08 October, 2020
A lot more than W2.1 quadrillion is committed to Korea's market in one way or another, surpassing the country's total GDP of W1.9 quadrillion, based on the Bank of Korea on Wednesday (US$1=W1,159).
BOK data showed that by June, banks' contact with the real estate sector stood at W2.17 quadrillion, up W103 trillion towards the end of last year.
The total amount includes housing loans as well as loans to cover jeonse or Korean-style deposit leases, money borrowed by construction companies, project-financing loans and owning a home trusts and funds.
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