South Koreans' purchases of overseas properties more than doubled last year as investor sentiment improved significantly thanks to faster-than-expected economic recovery, government data showed Tuesday.
According to the data by the Ministry of Strategy and Finance, South Koreans purchased a total of US$583.2 million worth of overseas real estate from January until November of 2010, compared with $203.6 million tallied during the same period a year earlier.
The spike is attributed to improved investor sentiment bolstered by the nation's faster-than-expected economic recovery and a relatively low figure tallied the previous year amid sluggish market conditions.
Individuals' purchases amounted to about $539 million, while purchases by corporate entities came to $44.5 million. Of the total, $172.7 million was spent to buy properties for residential purposes, with around $410 million used for investment purposes, the data said.