{"id":42271,"date":"2019-09-25T16:00:50","date_gmt":"2019-09-25T07:00:50","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=42271"},"modified":"2026-04-05T15:14:51","modified_gmt":"2026-04-05T06:14:51","slug":"prices-sinuiju-premium-apartments-spike","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/prices-sinuiju-premium-apartments-spike\/","title":{"rendered":"Sinuiju&#8217;s premium apartments see major price spike"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The prices of premium apartments being built in Sinuiju, North Pyongan Province, are skyrocketing as they approach completion at the end of this year or early next year, Daily NK sources have reported.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven premium apartments with only their exteriors completed are going for USD 120,000 to USD 150,000,\u201d a North Pyongan Province-based source said on Monday. \u201cThe apartments will likely cost from USD 180,000 to USD 200,000 when the interiors are finished.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Premium apartments in Sinuiju\u2019s Ponbu District, considered by development planners to be the city\u2019s central district, were as low as USD 50,000 to USD 100,000 in May 2018.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After North Korean leader Kim Jong Un\u2019s visit to Sinuiju in November 2018 to conduct on-the-spot guidance of the city\u2019s development plans, <\/span><a href=\"https:\/\/www.dailynk.com\/english\/real-estate-prices-in-sinuiju-rise-following-kim-jong-un-announcement\/\"><span style=\"font-weight: 400;\">apartment prices spiked by around 30% to 40%.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cFull-fledged buying and selling of the apartments hasn\u2019t started yet, but <em>donju<\/em> (North Korea\u2019s nouveau riche) are expecting prices to rise further even though the apartments aren\u2019t finished yet,\u201d the source added.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korean authorities typically place apartments on the market that have incomplete interiors, so prices tend to increase drastically once the interiors are completed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After international sanctions on North Korea were intensified in 2017 and until October last year, Sinuiju apartment prices continued to fall. Sinuiju is located on the border with China and its real estate market tends to be strongly impacted by the level of cross-border trade. Housing prices typically rise during high trade periods and fall when inter-border trade tapers off.\u00a0<\/span><\/p>\n<p>A major draw to the new premium apartments among the elite centers on electricity supply.<\/p>\n<p><span style=\"font-weight: 400;\">For example, elites have shown a great deal of interest toward the Chohohwa Apartment complex, which features 180 square meter apartments and elevators along each hallway of the buildings &#8211; and a guaranteed electricity supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAll areas of North Korea suffer from shortages of electricity, but premium apartments in Sinuiju are reportedly going to provide residents with electricity all year round,\u201d another Daily NK source in the province said. \u201cApartment complexes such as the Chohohwa Apartment complex even have gas-powered generators to keep the electricity going when there are power outages.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While many of the elite are interested in buying premium apartments in Sinuiju, most are still hesitant to do so.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhile there is some buying and selling going on, most of the elite have not moved forward because they are afraid of drawing attention from the authorities,\u201d the source said. \u201cBuying an apartment that costs more than USD 100,000 is sure to get the attention of the state and may even lead the authorities to begin surveillance on you.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The apartments will be quickly bought up and prices will skyrocket again when the elite no longer feel the need to tread so carefully, the source predicted.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During his visit to Sinuiju in November 2018, Kim Jong Un emphasized that the development of the city was a \u201clegacy\u201d of his predecessors Kim Jong Il and Kim Il Sung and called Sinuiju the &#8220;gateway city of the country.&#8221;\u00a0<\/span><\/p>\n<p><em>Please direct any comments or questions about this article to dailynkenglish@gmail.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The prices of premium apartments being built in Sinuiju, North Pyongan Province, are skyrocketing as they approach completion at the end of this year or early next year, Daily NK sources have reported.\u00a0\u00a0 \u201cEven premium apartments with only their exteriors completed are going for USD 120,000 to USD 150,000,\u201d a North Pyongan Province-based source said [&hellip;]<\/p>\n","protected":false},"author":128,"featured_media":42274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[100,140,222],"class_list":["post-42271","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","tag-markets","tag-construction","tag-border"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.4) - 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