Koreans Are Buying Condos in Koreatown: A Breeze of Good News for The Housing Market

Now that the Korean currency, the Won, is strong enough, the Korean government is giving Koreans a break by lifting a ban on how much they could invest abroad. Korean officials are trying to encourage more Koreans to invest overseas. The bulk of this investment will happen mostly in an area not far from Los Angeles. Condos are flying in Koreatown. Real estate agents and residential builders are getting ready to serve this niche market. The Shin Young Group, a major Korean giant, has started building condos with lots of Korean buyers waiting to buy them up. The Martin Group which is also building in downtown Los Angeles, has already sold some units to Korean buyers. Korean language papers, friends and word-of-mouth have sent the news. Many Koreans have family members here in the US. They have a relative in Koreatown where signs are in Korean. Very few signs are in English. Those who buy homes here are happy to invest in the country thanks to its long term stability and because of the education needs of their children.

In a time when the housing market, specially the residential housing development is suffering, this is truly some good news for the Los Angeles housing market.