Following the conclusion of the Football World Cup 2010 in South Africa, the policy adopted by the Korean government with the nations athletes gave rise to great controversy – the entire team were subject to punishment for their scarce performance in the competition. This time around, as reported by an influential source , the government seems to have implemented a policy diametrically opposite.
In fact during the Olympics in London 2012, some of the awarded athletes were rewarded for their commitment and their results by receiving a luxury property in the capital of North Korea as a gift. According to the government of Pyongyang, this act was carried out to commend the image of their country.
This rather unusual decision, could be useful in order to achieve an overview of the current situation of the North Korean real estate market.
The luxury real estate market in Pyongyang is slowly showing progression , a blatant example of this is the opening of the new and elegant shopping center Haedanghwa. In a restricted amount of time the shopping center has achieved a positive impact on the neighborhood Changchon. The neighborhood has seen an incredible increase in the buying and selling of real estate in the last year.
Along with the exclusive shopping center, the complex in Haedanghwa is home to restaurants, bars, beauty salons, a swimming pool and a sauna. These high-quality services have attracted and convinced many investors to purchase a luxury property in this residential neighborhood.
That said it is important to underline that this represents only one of the two aspects of the metropolis. Considering the great lack of infrastructure and strong economic instability, the majority of the population are living far from a well-off life..
