The East Asia economy is one of the most successful regional economies of the world. Home to prosperous nations such as South Korea, China, Japan, Hong Kong, Taiwan and Singapore, the World Bank forecasts the GDP to grow 6.9 percent in 2014 and 2015. The housing market continues to be robust with both private and institutional investors worldwide
putting money into East Asian markets with much enthusiasm as the region displays increasing levels of transparency, economic growth and overall stability.
This is particularly apparent in South Korea, the 15th largest economy in the world, where the market began to recover at the beginning of 2014 after over a year of falling house prices. According to the Bank of Korea this can be attributed to increased consumption and construction. Demand is up and while still affordable, property prices in South Korea are expected to increase by 3% in 2014, followed by a 5% projected growth in 2015.
In September 2014, South Korea's western port city of Incheon hosted the 17th Asia Games against a backdrop of over US$4.7 billion on infrastructure and road construction alone. Finally schemes such as the Real Estate Investment Immigration System, in which foreign investors are offered permanent residence status 5 years after they invest in tourist resorts and real estate, is producing extremely positive results in areas such as Jeju Island where the scheme was first introduced in 2010.