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South Korea
Boomers cause country building development

Mis en ligne le 17/08/2006

Harassed by the city rush, baby-boomers are eyeing the quiet charms of the countryside. More than 50% of baby-boomers want to live in a healthier environment far from the crowds. Local governments are already thinking of developing retirement communities and will have to invest $ 158 billions in infrastructure. But the sacrifice is worth it, cash-rich boomers are expected to create new markets in the countryside.

South Korean baby-boomers are tired of the rush and bustle of larger cities. A survey published by the South Korean Ministry of Agriculture revealed that 56% of city-dwellers born between 1955 and 1963 want to move out into the countryside. The desire to live in a healthy environment or close to their birth place was cited first and foremost as reasons for leaving the towns. Given that 13% of respondents would probably retire within the next five years, demand for housing in rural areas is expected to rise around 2010.
35 local governments have already thinking of developing retirement communities to welcome these new inhabitants. Baby-boomers are expected to spend money and create new markets. Though they will pay for the construction of new retirement estates, the government will have to improve local infrastructure such as roads, water pipes and electricity lines – an effort estimated at $158 billions.

(South China Morning Post, 12/07/06 : "Many S. Korean Boomers want to retire to the countryside")

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