In North Korea, homes near markets fetch triple pre-pandemic prices
Housing prices near a market in the North Korean city of Chongjin have climbed as much as three times their pre-pandemic levels in 2026. Homes closest to the market are commanding the steepest premiums, a source in North Hamgyong province told Daily NK. Prices around Sunam Market, one of Chongjin’s largest, have risen sharply since […]
Housing prices near Sunam Market in Chongjin, North Korea, have surged up to three times their pre-pandemic levels, local sources confirm. This price increase is driven by the demand for homes that can serve as both residences and business spaces due to proximity to the market. Prior to the pandemic, a one-room house sold for roughly $1,500-$2,200, but now trades for about $4,200-$5,500, roughly double its former price.
A two-room house once worth $6,600-$8,300 now costs around $14,700-$15,000. The demand for commercial use outweighs residential demand, making market access the primary price driver, not size or condition. Brokers have taken over the paperwork for these sales, managing the transfer of residence-use permits and government filings.
This shift, coupled with recent high-rise construction, illustrates how market forces have reshaped housing in North Korea's provincial cities.
Written by urgent.news from Daily NK's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
