This week, KCNA announced new real estate and insurance laws for foreigners in the DPRK. Details are scant - the entire article in English is as follows:
Pyongyang, July 22 (KCNA) -- Rules of real estate and insurance in the economic development parks (EDP) were adopted according to the decision of the Presidium of the Supreme People's Assembly of the DPRK.
The rule of real estate consists of seven chapters and 59 articles and the rule of insurance four chapters and 52 articles.
The rules deal with possession, registration and employment of real estates, their rent and rate, conclusion of insurance contract, formalities of insurance offices, etc. in the EDP.
So while we don't really know what these regulations are, it is heartening to know that after a two week workshop on land-use and development in Vietnam and Singapore last year the issue continues to be pondered and worked on in Pyongyang.
Ambiguities related to land-use, rental fees and development rights remain a part of a suite of issues that are confusing to potential investors. We look forward to hopefully seeing these regulations and learning more in the next few weeks. Hopefully, they help develop clarity and assist Pyongyang and provincial economic policymakers in creating a consistent track record in certain Special Economic Zones that they can point to.