{"id":51815,"date":"2022-05-30T11:42:15","date_gmt":"2022-05-30T02:42:15","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=51815"},"modified":"2026-04-05T15:16:06","modified_gmt":"2026-04-05T06:16:06","slug":"north-koreans-eye-investment-opportunities-pyongyang-hwasong-district","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-koreans-eye-investment-opportunities-pyongyang-hwasong-district\/","title":{"rendered":"N. Koreans eye investment opportunities in Pyongyang&#8217;s Hwasong District"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Following the North Korean government\u2019s move to develop new housing complexes in Pyongyang\u2019s newly designated \u201cHwasong District,\u201d ma<\/span><span style=\"font-weight: 400;\">ny people in the city are eyeing opportunities to purchase houses in the area.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHwasong District has been designated a part of the city\u2019s central district and there\u2019s rumors that the apartments being built there will be more modern in various ways. That\u2019s led people to express interest in buying homes there,\u201d a source in Pyongyang told Daily NK last Thursday. \u201cFrom early May, wealthy people began paying in dollars to buy homes they\u2019ll turn around and sell later.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source explained that Hwasong District is considered a high-value area at the center of Pyongyang due to the planned construction of tens of thousands of new apartments along with various government buildings and a market. Wealthy people, in particular, are interested in the district because the new market will help support their commercial activities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, given that the district\u2019s new apartments are expected to be \u201chigh-quality and strongly-built,\u201d wealthy North Koreans are keen to buy them up as investments.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">People interested in becoming prospective occupants of the district&#8217;s new apartments must make an initial investment of USD 1,500. The second payment of USD 6,500 must be paid at a designated date, and the authorities have stipulated that prospective homebuyers must strictly adhere to the payment deadline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the source, people who complete both payments can purchase homes at about half their post-construction purchase price. For example, if the sales price of an apartment is USD 300,000, the government will take half of this (USD 150,000) while home buyers will be required to pay the remaining balance &#8211; minus the investment payments they already completed &#8211; in order to receive a home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Essentially, the government is offering people a lucrative opportunity to buy new apartments at half their original price.\u00a0<\/span><\/p>\n<p>A key question, however, is whether people who want to buy the new homes will be able to do so.<\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe government is first allocating homes to selected people and then selling the remaining apartments. With so many people wanting to move in, people are scrambling for an opportunity,\u201d the source said. \u201cWealthy people are rushing to get one of the remaining apartments, even bribing relevant officials.&#8221;\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Given the opportunities at stake, Pyongyang residents are talking a lot about the district\u2019s new housing development, he added.\u00a0<\/span><\/p>\n<p><em><strong>Translated by David Black. Edited by Robert Lauler.<\/strong><\/em><\/p>\n<p><em>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/em><\/p>\n<p><a href=\"https:\/\/www.dailynk.com\/20220526-3\/\"><em>Read in Korean<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the North Korean government\u2019s move to develop new housing complexes in Pyongyang\u2019s newly designated \u201cHwasong District,\u201d many people in the city are eyeing opportunities to purchase houses in the area.\u00a0 \u201cHwasong District has been designated a part of the city\u2019s central district and there\u2019s rumors that the apartments being built there will be more [&hellip;]<\/p>\n","protected":false},"author":129,"featured_media":51818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67,1360],"tags":[855,1300],"class_list":["post-51815","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-society","tag-housing","tag-hwasong"],"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. Koreans eye investment opportunities in Pyongyang&#039;s Hwasong District - North Korea News \u2014 Daily NK | Latest DPRK Updates 2026<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailynk.com\/english\/north-koreans-eye-investment-opportunities-pyongyang-hwasong-district\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N. 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