Property for sale in North Korea

Is the capital and largest city of North Korea, located on the Taedong River, at 39°01′55″N 125°45′14″E / 39.031859, 125.753765Coordinates: 39°01′55″N 125°45′14″E / 39.031859, 125.753765. The official population of the city is not disclosed; given as 2,741,260 in 1993, it was reported as 2.5 and 3.8 million in 2002 and 2003 by Chongryon, a pro-North Korean organization in Japan.

Is the commonly used short form name for the Democratic People's Republic of Korea (or DPRK), a state located in East Asia, in the northern half of the Korean Peninsula, with its capital and largest city being Pyongyang.

After several years of scant media coverage, the Democratic People's Republic of Korea (DPRK) is back in the public spotlight. While much has been made about the political evils of this autocratic, Stalinist leader, little attention has been paid to the real tragedy of the North Korean situation: the economic destruction wrought on North Korea's population by decades of socialism. By turning all property over to the state, the North Korean government precluded the possibility of economic calculation. For over 50 years, the inhabitants have been imprisoned by destitute poverty.

North Korea does not score well in a single area of economic freedom, although it does score 10 percent in investment freedom and property rights. The opening of the Kaesong industrial venture in cooperation with South Korea has been a start in foreign investment.

Business freedom, investment freedom, trade freedom, financial freedom, freedom from corruption, and labor freedom are nonexistent. All aspects of business operations are controlled and dominated by the government. Normal foreign trade is almost zero. No courts are independent of political interference, and private property (particularly land) is strictly regulated by the state.

Believing that the rise in property prices was triggered more by speculation than by real demand, the government stepped in to curb the price rise and crack down on speculation. Despite the concern that more drastic measures could impede the economic recovery in the short term, the government continued to apply stronger and more comprehensive anti-speculation measures. It tried to curb demand for real estate, especially among wealthy people, by raising taxes.