S. Koreans' purchase of overseas properties plunges in 2009

SEOUL, Jan. 29 (Yonhap) -- South Koreans' purchases of foreign real estate
plunged last year, affected by the global financial instability and the resulting
economic downturn, a government report showed Friday.

According to the report by the Ministry of Strategy and Finance, South Koreans
purchased US$223.0 million worth of land, houses and other properties in overseas
countries last year, down 56.3 percent from a year earlier, when they bought
$510.4 million worth of real estate overseas.
The steep decline is attributed to the global financial turbulence last year,
prompted by the collapse of Lehman Brothers in late 2008 and its impact on the
overall economic conditions.
Purchases of residences dropped 43.3 percent to $66.3 million last year, while
those for investment purposes nose-dived to $156.7 million, down 60.2 percent
over the cited period, the report showed.
kokobj@yna.co.kr
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