Seoul’s property market may be booming, but just north of the Han River across from the glitzy high-rises of Gangnam, 60-year-old estate agent Shin Choong-ho’s business is struggling.
From his small office near a traditional Korean market in the capital, he says business has slowed so much that he is finding it hard to pay the rent. He has taken on a second job as a handyman and is sharing his office with a clothes repair shop to reduce costs.
Shin and his fellow estate agents in South Korea earn some of the lowest commissions among major economies owing to a government cap on fees, and intense competition between realtors.
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