{"id":44233,"date":"2020-03-24T11:00:46","date_gmt":"2020-03-24T02:00:46","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=44233"},"modified":"2026-04-05T15:25:22","modified_gmt":"2026-04-05T06:25:22","slug":"north-korean-real-estate-prices-remain-stable-despite-economic-downturn","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-korean-real-estate-prices-remain-stable-despite-economic-downturn\/","title":{"rendered":"N. Korean real estate prices remain stable despite economic downturn"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">North Korea\u2019s real estate prices have remained stable amid global fears of price falls due to the economic stagnation caused by the spread of the novel coronavirus (COVID-19), Daily NK has learned.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe cost of apartments hasn\u2019t shifted that much compared to last year,\u201d a Ryanggang Province-based source told Daily NK on Mar. 19.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The closure of the Sino-North Korean border and the halt of smuggling across the border has led to an economic downturn, but \u201creal estate prices haven\u2019t been affected,\u201d the source said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAn apartment on the ninth floor in Wiyon District is still going for RMB 30,000 [around USD 4,228], which was what it sold for last year,\u201d he explained, adding, &#8220;<\/span><span style=\"font-weight: 400;\">Many apartments in the province that are located in areas great for managing smuggling operations over the border still cost the same [as last year] despite the border shutdown.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are people even waiting to purchase apartments in the spring because prices have not budged, Daily NK sources said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cApartment owners also aren\u2019t reducing their prices despite attempts by some buyers to use the coronavirus situation as a way to purchase apartments at cheaper prices,\u201d another source in the province said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cApartments in a building located next to the headquarters of the Ryanggang Daily [a local party-run newspaper] are selling for RMB 33,000 [USD 4,650] to RMB 40,000 [USD 5,637],\u201d the source said.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cPrices shift depending on how much sunlight they receive,\u201d he explained, adding, \u201cApartments across the street from the newspaper building are selling at similar prices.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korea\u2019s economy is heavily dependent on China, but the country has opted for an uncompromising disease control policy to prevent the spread of COVID-19.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The closure of the Sino-North Korean border has seen <a href=\"https:\/\/www.dailynk.com\/english\/market-prices-spike-in-north-korea-following-border-shutdown\/\">commodity prices skyrocket<\/a> and market vendors have seen huge decreases in profits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">North Korea does not officially allow anyone to own private property; however, the country does have a functioning real estate market. In fact, the country\u2019s real estate space has been at the forefront of privatization and marketization trends in the country.<\/span><\/p>\n<p>*Translated by Violet Kim<\/p>\n<p><i>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/i><\/p>\n<p><em><a href=\"https:\/\/www.dailynk.com\/%EA%B5%AD%EA%B2%BD%EB%B4%89%EC%87%84-%EA%B2%BD%EA%B8%B0%EB%B6%88%ED%99%A9%EC%97%90%EB%8F%84-%EB%B6%81%ED%95%9C-%EB%B6%80%EB%8F%99%EC%82%B0-%EA%B0%80%EA%B2%A9-%EC%95%88%EC%A0%95-%EC%9D%BC%EB%8B%A8\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>North Korea\u2019s real estate prices have remained stable amid global fears of price falls due to the economic stagnation caused by the spread of the novel coronavirus (COVID-19), Daily NK has learned.\u00a0 \u201cThe cost of apartments hasn\u2019t shifted that much compared to last year,\u201d a Ryanggang Province-based source told Daily NK on Mar. 19.\u00a0 The [&hellip;]<\/p>\n","protected":false},"author":145,"featured_media":42297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,645],"tags":[714,855,100,271],"class_list":["post-44233","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","tag-economy","tag-housing","tag-markets","tag-ryanggang-province"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>N. 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