S. Korea`s overseas property purchases dive in Q2

SEOUL, Sept. 18 (Yonhap) -- Purchases of overseas property by South Koreans
plunged during the second quarter of this year, affected by the protracted global
economic downturn, a report showed Friday.
According to the report by the Ministry of Strategy and Finance, South Koreans
purchased a total of US$46.6 million worth of properties in foreign countries
during the second quarter, sharply down from $180.1 million in the same period a
year earlier.
The decline was attributed to frozen demand in the wake of the financial crisis
last September that resulted in the global economic downturn.
Individuals' purchases totaled $39.1 million, while purchases by corporate
entities came to $7.5 million, the report showed.
Of the total, $13.2 million was spent to buy properties for residential purposes,
with $33.4 million used to acquire real estate for investment, the report said.
kokobj@yna.co.kr
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