South Koreans' purchase of overseas property spiked in May from a year earlier amid improving investment sentiment driven by the continued economic recovery, the finance ministry said Tuesday.

   According to the ministry, South Koreans purchased an estimated US$125.2 million worth of overseas property in May, up 71.3 percent from $73.1 million tallied during the same month a year earlier.

   The latest figure represented the third consecutive month that the nation's overseas property purchase has exceeded $100 million. It also marked the highest monthly purchase in 46 months, the ministry said.

   Individual investors bought $108.9 million worth of property, while corporate entities' purchased $16.3 million worth of property in other nations, the report showed.

   South Koreans' investment in overseas properties had sharply contracted since July 2007, but the ongoing economic recovery appears to be causing a rebound.

   Last year, South Koreans bought $611.5 million worth of overseas property, up 174.2 percent from a year earlier, according to government data.

Source: Yonhap News (July 25, 2011)