January 16, 2007

Korean investments increasing in Los Angeles Real Estate

A growing number of Koreans are scooping up real estate in the United States and elsewhere after the overseas investment cap in their country was lifted. Koreans are expected to invest nearly $2 billion in U.S. residential property in 2007, up from $1.27 billion in 2005 when such investments were mostly limited to large Korean corporations, said Brian Shaffer of the International Real Estate Trade Organization. Worldwide, Koreans could spend at least $4 billion on overseas homes in 2007 as a result of the changes made in May that allow an individual to make as much as $1 million in foreign investments, analysts said. Many of the purchases are being prompted by the strength of South Korean currency – the won, pronounced like “one” in English – against other currencies, analysts said.

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