Global asset manager Nuveen sees Korea's housing market becoming increasingly accessible to institutional capital as the country's traditional lump-sum deposit system gradually gives way to monthly rents. "It's becoming more of an institutional market ... more akin to what you see in the U.S., with monthly rental payments," Chad Phillips, global head of Nuveen Real Estate, said at a press conference at Conrad Seoul on Friday. "We've recently invested in a residential asset here in Seoul, which will open early next year." In May, Nuveen acquired a property near Dongdaemun History & Culture Park Station in Seoul for about 22.5 billion won ($16.72 million). In partnership with Korean startup Weave Living, the property is being converted into a 62-unit serviced apartment, scheduled to open in January. The investment marks Nuveen's first move into Korea's residential sector. Nuveen first entered Korea's real estate market in 2019 through a logistics investment in Namyangju, Gyeonggi Province, and later expanded into logistics facilities in Uiwang and Ilsan. The asset manager remains positive