N. Korean real estate prices remain stable despite economic downturn
North Korea’s real estate prices have remained stable amid global fears of price falls due to the economic stagnation caused by the spread of the novel coronavirus (COVID-19), Daily NK has learned.
“The cost of apartments hasn’t shifted that much compared to last year,” a Ryanggang Province-based source told Daily NK on Mar. 19.
The closure of the Sino-North Korean border and the halt of smuggling across the border has led to an economic downturn, but “real estate prices haven’t been affected,” the source said.
“An apartment on the ninth floor in Wiyon District is still going for RMB 30,000 [around USD 4,228], which was what it sold for last year,” he explained, adding, “Many apartments in the province that are located in areas great for managing smuggling operations over the border still cost the same [as last year] despite the border shutdown.”
There are people even waiting to purchase apartments in the spring because prices have not budged, Daily NK sources said. ......