Latest news with #InfrastructureandTransport
![[Graphic News] Registered drones surge sevenfold in 5 years](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F06%2F09%2Fnews-p.v1.20250609.67ee020e06c5474a8edbf2443b0bc830_T1.gif&w=3840&q=100)
![[Graphic News] Registered drones surge sevenfold in 5 years](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Fkoreaherald.com.png&w=48&q=75){kind=small}
Korea Herald
09-06-2025
- Business
- Korea Herald
[Graphic News] Registered drones surge sevenfold in 5 years
The number of registered drones in South Korea has increased sevenfold over the past five years, reflecting their growing role in daily life and industry. As of April, 67,902 drones were registered with authorities -- an increase of nearly 3,000 from 64,863 recorded at the end of last year, according to data from the Korea Transportation Safety Authority and the Ministry of Land, Infrastructure and Transport. Drone registrations have risen dramatically in recent years, climbing from 2,226 in 2016 to 9,848 in 2019. Growth accelerated in the 2020s, driven by several factors: The introduction of the Drone Act in May 2020 that eased regulations, the expansion of contactless services during the COVID-19 pandemic and rapid technological advances that expanded drone use across sectors such as logistics, industry and agriculture. Between 2020 and 2023, drone registrations more than tripled from 16,159 to 52,387, averaging around 1,000 new drones per month over the past three years.
Korea Herald
08-06-2025
- Business
- Korea Herald
Over 10m people travel between S. Korea, Japan in first 5 months in 2025
More than 10 million air passengers traveled on routes between South Korea and Japan in the January–May period, despite the strengthening yen, the transport ministry said Sunday. A record 11.25 million passengers flew between South Korea and Japan during the first five months of the year, the Ministry of Land, Infrastructure and Transport said in a press release. The figure represents a 10.7 percent increase from the 10.16 million recorded during the same period last year and a 19.8 percent rise from the 9.39 million in the first five months of 2019, the year before the COVID-19 pandemic severely impacted the airline industry. Industry officials said that years of a weak yen and the expansion of budget carrier flights to Japan have helped stimulate pent-up travel demand in recent years. They expect demand to continue rising in the second half, with the number of air traffic between the two countries likely to exceed last year's total of 25.14 million. (Yonhap)
Korea Herald
05-06-2025
- Business
- Korea Herald
Is foreign appetite for housing a threat to Korea?
Residential properties owned by foreign nationals surpass 100,000 in 2024 Foreign nationals are increasingly entering the housing market, and their growing presence is beginning to raise questions about the future of housing access, investment behavior and regulatory oversight. Over the past three years, the number of homes owned by foreign buyers has steadily increased, rising by 4 to 6 percent every six months. Recently, the trend reached a new milestone. As of late December, foreign nationals owned more than 100,000 housing units in South Korea — the first time the figure has crossed that threshold since the government began tracking it in 2022, according to data from the Ministry of Land, Infrastructure and Transport. Though these properties comprise only about 0.5 percent of South Korea's roughly 20 million housing units, the uptick has prompted questions about whether some purchases are being made for investment purposes rather than for residential use. Regulatory gaps for non-residents have also been a point of discussion. The available data provides a broad snapshot but leaves out key details. It does not distinguish between buyers who reside in Korea and those who may be investing from overseas. Nor does it track the motivations behind purchases — whether for long-term living, rental income or speculation. Foreign residents who have stayed in Korea for more than 90 days now number over 2 million, suggesting that, proportionally, foreign ownership remains relatively modest. Still, patterns within the data reveal some concentration. Chinese nationals accounted for the largest share of foreign-owned homes, followed by US and Canadian citizens. The capital region is by far the most popular area for foreign buyers. Nearly three-quarters of all foreign-owned homes are located in the greater Seoul area, with more than 23,000 properties situated within the city itself. Most foreign homeowners — about 93 percent — own just one home. However, a small number hold multiple properties, including 461 individuals who own five or more units, which some see as a potential sign of investment activity. As the trend continues, policymakers and analysts are watching closely, not because the numbers are overwhelming, but because of the broader implications — from housing availability to the effectiveness of existing oversight mechanisms. Dodging the rulebook Some argue that foreign nationals may have an easier time acquiring real estate in South Korea by securing financing from lenders in their home countries, a strategy that could allow them to bypass Korea's stringent loan regulations. Certified transcripts — documents required when purchasing land or housing in Korea — show instances of foreign buyers acquiring high-end properties at record-high prices, often paid in full with cash. 'Foreigners take out loans from overseas banks to purchase housing here, distorting the local real estate market,' said Kwon Dae-jung, a professor of real estate at Sogang University's Graduate School. Others, however, argue that the practice is likely limited in scope, as obtaining loans for overseas property purchases can be difficult. 'Securing a loan in a foreign country to buy residential property in Korea would not be easy, unless the buyer is extremely wealthy,' said an official at a local real estate investment firm. 'Even in commercial real estate, offshore investors usually prefer to finance through local banks. For residential housing, cross-border financing tends to be even more difficult.' Foreign nationals are subject to the same borrowing limits at Korean banks as local citizens, including regulations based on loan-to-value and debt-to-income ratios. Still, completely closing off regulatory loopholes remains a challenge. While Korea imposes heavier taxes on multi-homeowners, enforcing these rules among foreign nationals can be challenging, particularly in identifying household members living abroad. Calls for tightened grip Regulatory efforts to manage demand from foreign homebuyers in Korea continue to gain traction, with some measures targeting Chinese nationals — the largest group of foreign property owners in the country. In May, Rep. Ko Dong-jin of the ruling People Power Party proposed a bill that would introduce a permit system for foreign nationals seeking to purchase property in the greater Seoul area. Citing the principle of reciprocity, Ko argued that Chinese nationals' access to Korean real estate should be limited, pointing out that South Koreans face similar restrictions when attempting to purchase property in China. Ko's proposal is part of a broader, bipartisan push by lawmakers in recent years to tighten regulations on foreign ownership. Other initiatives have included calls for higher acquisition taxes and stricter property-related rules for non-Korean buyers. However, none of these measures have passed the legislative threshold. Legal experts argue that regulating property purchases by nationality could violate the constitutional principle of reciprocity. Despite the legal challenges, authorities are continuing their efforts to monitor and respond to growing concerns. On Monday, Seoul Mayor Oh Se-hoon ordered a comprehensive investigation into real estate transactions involving foreign nationals. He called for a full review of foreign ownership patterns and proposed additional safeguards to prevent potential market distortions or what he described as 'reverse discrimination' against Korean citizens. Although there is currently no conclusive evidence that foreign homeownership is driving instability in the housing market, officials remain wary. 'The government has to figure out a way to strengthen measures to track down foreign purchases of local residential properties. Otherwise, the rising foreign demand will drive up further market distortion," Kwon said.
Korea Herald
30-05-2025
- Business
- Korea Herald
Foreign-owned homes in S. Korea top 100,000 for 1st time
The number of homes owned by foreigners in South Korea surpassed 100,000 for the first time in 2024, with Chinese nationals accounting for more than 56 percent, government data showed Friday. As of the end of last year, foreigners owned 100,216 homes in South Korea, up 5.4 percent from six months earlier, according to the Ministry of Land, Infrastructure and Transport. Foreign-owned homes made up 0.52 percent of the country's total registered housing units, the ministry said. The proportion of homes owned by Chinese nationals rose to 56.2 percent, or 56,301 units, up from 55.5 percent at the end of December and 55 percent at the end of June. Americans were the second-largest group, owning 22,031 homes, or 22 percent of the total, followed by Canadians with 6,315 units, or 6.3 percent. Most of the housing units owned by foreigners were located in and around Seoul. Gyeonggi Province accounted for the largest share with 39.1 percent, followed by Seoul with 23.7 percent and Incheon with 10 percent. Meanwhile, foreign ownership of South Korean land increased 1.2 percent in 2024 from a year earlier. As of December, foreigners owned 267.9 million square meters of land, accounting for 0.27 percent of the country's total land area. The value of land held by foreigners also rose by 1.4 percent to 33.48 trillion won ($24.8 billion) during the same period. (Yonhap)
Malaysian Reserve
29-05-2025
- Business
- Malaysian Reserve
Nanta: S.Korea expressed readiness to expand development cooperation with M'sia
KUALA LUMPUR — South Korea has expressed readiness to expand bilateral cooperation with Malaysia, particularly in road development, construction technology and intelligent transport systems, said Works Minister Datuk Seri Alexander Nanta Linggi. He said it was conveyed to him during his courtesy call on South Korea's Minister of Land, Infrastructure and Transport Park Sang Woo, in conjunction with Malaysia's participation in the 2025 Asia Pacific Intelligent Transport Systems (ITS) Forum held in the country. He said the meeting, which was a follow-up discussion from the bilateral talks held in Kuala Lumpur last November, also touched on the progress of negotiations for a memorandum of understanding (MoU) in the relevant fields, adding that the initial discussion for the MoU took place in the capital on April 16. 'Both parties hope that the MoU can be finalised and signed in conjunction with the ASEAN-Republic of Korea Summit, set for October in Kuala Lumpur. 'I believe that this strategic cooperation will pave the way for greater opportunities in technology transfer, capacity building and the development of more efficient, safer and sustainable infrastructure in Malaysia,' he said in a Facebook post today. Nanta noted that the effort aligns with the direction of the Malaysian ITS Roadmap 2030, which focuses on innovative, inclusive and resilient future mobility. Nanta also shared the success of the Road and Construction Technology Cooperation Seminar, which drew over 130 participants, including Malaysian and South Korean government agencies and industry players, describing it as reflecting a shared commitment to innovation and the development of competitive and future-ready infrastructure. 'I would like to express appreciation to South Korea's Ambassador to Malaysia, Yeo Seung-Bae, and the entire staff of the South Korean Embassy in Malaysia for their strong support in advancing various collaborative initiatives currently underway. 'Malaysia deeply values its close ties with South Korea and will remain steadfast in pursuing collaborations that bring mutual benefits to the people and nations of both sides,' he added. — BERNAMA
