With peace suddenly breaking out on the Korean peninsula, a North Korean town on the border with China is being positioned as the world’s next hottest property market.
According to a Bloomberg report
, new home sales in Dandong, soared to an eight-year high of roughly one million square feet in March, when President Trump surprised the world by announcing his willingness to meet North Korean leader Kim Jong Un. China Real Estate Information Corp., which offered the data on Dandong home sales, added that approximately 951,000 square feet of property sold in April.
Dandong is the center of trade between China and North Korea, and Chinese developers working in that town are already raising prices in advance of the upcoming Trump-Kim summit.
“Most buyers in Dandong New District are speculators,” said Jason Cheung, general manager at Cushman & Wakefield who oversees that company’s operations in nearby Dalian and Shenyang. “This is the root cause of the rocketing rise of home prices there.”