Korea's overseas property purchases plunge in September

SEOUL, Oct. 22 (Yonhap) -- South Koreans' purchases of overseas properties
plunged in September from a year earlier amid a prolonged credit crisis in the
U.S. and its impact on the global economy, a government report showed Wednesday.
South Koreans bought a total of US$25 million worth of properties in foreign
countries last month, down from $92 million in the same month of 2007, according
to the report by the Finance Ministry.
The sharp decline is attributed to concerns over spreading financial instability
and a possible economic slowdown worldwide that discouraged Koreans from spending
on houses, land and other properties in foreign countries.
Individuals' purchases totaled $18 million, while purchases by corporate entities
came to $7 million, the report showed.
The average amount of money spent on each purchase was $450,000, down from the
previous month's $500,000, according to the report.
By area, property purchases in Southeast Asian countries amounted to $11 million
last month and those in North America stood at $10 million.
A total of $5 million was spent to buy properties for residential purposes, with
$20 million used for investment purposes, according to the report.