The North Korean government has started legitimizing the private ownership of land (UPI). A news service founded by North Korean defector Jang Jin-sung has reported that the North Korean government has recently started permitting the possession and sale of real estate, but the law does come with parameters (New Focus International). Families cannot purchase plots of land larger than 925 square feet (UPI). The privatization of land may have just become legal, but the buying and selling of land has been occurring on a wide scale for some time on the shadow market (Korea Herald).
The number of homebuilders in North Korea has increased substantially over the last few months as materials for new homes are being imported from China, and a demand for upscale housing is on the rise (UPI). Increased real estate activity has come about as a result of a growing market economy and the slight rise of a pseudo-middle class (UPI). Careers in interior design and architecture are beginning to become more common as the demand for homes increases (UPI).
Tags: China, Global Economy, north korea, East Asia, Gill, land ownership