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Korea's investment in overseas real estate dropped by over 50 percent year-on-year in June. The Ministry of Strategy and Finance says such investments have been on a constant decline after peaking in April last year, due to repercussions from the subprime mortgage crisis in the United States.
Koreans had flocked into overseas property markets hoping to profit from rising real estate prices. But with the collapse of the U.S. housing market and its negative impact on the global economy they started pulling out. Koreans invested mostly in Southeast Asia and North America last month.
Arirang News
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