S. Koreans' purchases of overseas property spikes in H1

SEOUL, Aug. 22 (Yonhap) -- South Koreans' purchases of overseas property spiked in the first half from a year earlier amid improving investment sentiment worldwide, the finance ministry said Monday.
According to the ministry, South Koreans purchased an estimated US$608 million worth of overseas property in the first half, up 172 percent from $223 million tallied during the same period a year earlier.
Individual investors bought $563 million worth of property, accounting for 92.6 percent, while corporate entities purchased $45 million worth of property in other nations, the ministry said.
Investment in overseas properties had sharply contracted since July 2007. Last year, South Koreans bought $611.5 million worth of overseas property, up 174.2 percent from a year earlier, according to earlier government data.
The first-half figure indicates that investment sentiment keeps recovering, but the ministry said that it is uncertain whether the recovery will last given the heightened market anxiety following the recent downgrade of credit ratings on U.S. debts.
kokobj@yna.co.kr