Seoul's Priced-Out Buyers Turn to Southeast Asia

Southeast Asian property developers are now targeting South Korean buyers. The reason: a severe housing crisis in Seoul has made homes abroad look affordable. Soaring apartment prices in the South Korean capital are pushing some to look overseas. Real estate firms in Malaysia, Thailand, and Vietnam see a new sales opportunity. One Malaysian developer, PropEasy, recently flew Seoul-based brokers to Kuala Lumpur. The goal was to promote new residential projects. The trip was a paid, four-day tour for agents, according to an industry official. "Premium homes in Southeast Asia can now seem cheap compared to Seoul's market," the official said. This price gap is driving the new marketing push. The trend highlights how unaffordable Seoul's housing has become. For some South Koreans, buying a foreign property is now a realistic alternative to buying at home.