North Korea Opens

A story almost completely ignored by the American media.

Under Kim Jong-un, North Korean property prices are soaring

The new entrepreneurial class is openly, if passively, tolerated. Some are merchants who have got rich from buying and selling food and household items. Others are officials in charge of state-run enterprises who effectively run them as private businesses.

“If you’re a rich North Korean, there’s not much you can do with your money,” Lankov says. “The banks pay no interest, so the only way to accumulate capital is by buying real estate.”

All property is officially owned by the state and bestowed by the government on families, who have no title deed.

Property dealers get around this by “swapping” homes. The one moving to the less desirable property is “compensated” with US dollars — and a bribe to a helpful bureaucrat ensures that all the official paperwork is in order.