Anticipation on the Korean peninsula is building, and the real estate industry is benefiting.
Inventive entrepreneurs are flocking to the area along the Demilitarized Zone in South Korea, hoping to buy up land so that they have a prime location in the event of the country reunifying with their neighbors to the north, the Los Angeles Times reported Thursday.
For years, people in South Korea have been eyeing the markets every time North Korea seems to ever-so-slightly crack open its door to the outside world. Of course, leader Kim Jong Un has continued to isolate the nation, but his historic summit with President Trump brought new optimism to the region. In March and April, real estate transactions in border city Paju skyrocketed to about three times the average level from the last decade, reports the Times, while other regions remained stagnant.
Real estate agents and developers say the building excitement is tangible, as industrious businesspeople and wealthy investors arrive near the DMZ by the dozens to look at properties, willing to spend millions to get on the ground floor of what they think is a forthcoming change. The area along the DMZ is "like land that's still in a mother's womb, not yet born to the world," said Kim Yoon-sik, a developer. "If it is born, it'll be huge." Summer Meza