August 21, 2017 12:34
More and more well-off young Koreans are investing in rental property to take advantage of a burgeoning market.
The number of landlords in their 20s has grown 20 percent over a year, according to the National Tax Service last week. It said there were 15,951 landlords under 30 as of the end of May, up 20 percent from a year earlier. That is more than double the eight percent growth of total landlords.
Some 1.14 million landlords are over 50, accounting for 73 percent, but their number rose a mere seven percent during the same period.
"The growth is mainly because people in their 20s aggressively invest in small apartments or studios, taking advantage of low interest rates and lax regulations" amid soaring rental prices, said Koh Jong-wan of the Korea Asset Management Institute.
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