Global Palace Daily: House prices in South Korea are overrated
House prices in South Korea are overvalued, according to the country’s central bank
Housing prices remain overvalued in South Korea compared to the overall economy, according to the country’s central bank. In addition, household debt levels are excessive. “Housing prices are still at a high level, out of sync with income, and the housing price-to-income ratio is very high even compared to major countries,” the Bank of Korea said in its monetary credit policy report on Thursday. The country’s home price-to-income ratio is 26, according to cost of living data site Numbeo. This means that a citizen needs to save 26 years of annual income to buy a home, more than double the average percentage in other countries. The Bank of Korea said. The Business Times
Alex Trebek’s former Los Angeles mansion is in the process of being demolished
The nearly 10,000-square-foot Los Angeles mansion of the late “Jeopardy!” Host Alex Trebek was demolished. The property, which sold last May for $6.45 million, was home to Trebek for more than 25 years — until his death in 2020 at the age of 80. Trebek was also the handyman at the house, fixing problems himself and once purchasing an entire house. Hardware store for DIY renovations. Demolition permits were issued in February. TMZ
London, Ontario, is the first city to be approved for Canada’s National Housing Accelerator Fund
Up to 2,000 new housing units are scheduled to be built in London, Ontario, over the next three years, according to government officials. The city is the first to sign a deal under the new C$4 billion (US$2.96 billion) National Housing Acceleration Fund, which was announced in the 2022 federal budget but applications were not accepted until July. Prime Minister Justin Trudeau said he issued a challenge to other mayors to “step up their proposals” and “build more homes faster,” adding that London’s proposal was “absolutely perfect.” It calls for the construction of high-density housing projects without the need for rezoning and allows the construction of four units on one property even in low-density neighborhoods. London will receive 74 million Canadian dollars to finance housing projects. BNA Bloomberg
A new 55-storey residential tower is planned for Sydney
Hyde Metropolitan, a planned residential tower in Sydney, has been given the go-ahead for construction, with the aim of bringing 168 apartments over 55 floors to the city. Developed by local firm Deicorp, prices range from A$1.3 million to A$12.5 million ($837,746 to $8.05 million). “Deicorp is delighted to have received the final green light from the City of Sydney Central Planning Commission to deliver this truly stunning residential building,” said Fuad Deri, founder of Deicorp. Realestate.com.au
