The South Korean government tightens regulations on property purchases by foreigners to curb apartment prices in Seoul.

The Shiro Corporation - According to market analysts on Monday (7/16), the South Korean government has strengthened property purchase regulations in response to the increase in apartment purchases by foreign citizens in Seoul.

The funding source will be closely monitored, along with verification that the registered homeowner actually resides in the property within the already designated area.

This is the most common two violations involving foreign buyers, who are suspected of evading domestic loan rules, and have become a source of criticism among potential Korean home buyers who must adhere to strict regulations.

According to the Government of the Metropolitan Seoul, comprehensive monitoring guidelines and regulations will be established to control property trading for foreigners (foreign nationals).

This follows Mayor Oh Se-hoon's orders, and an investigation into ownership status will begin early next month. real estate WNA.

"The sharp rise in property prices recently, which is unusual, is a cause for concern for the residents of Seoul," he said at a meeting with the city council on June 11.

We are confident that property purchases by foreigners are taking place. Collaboration between the Seoul government and the Land Ministry will review whether stricter regulations are needed.

According to The Korea Times, data from the Ministry of Land, Infrastructure, and Transport show that the number of houses owned by foreigners in South Korea reached 100,216 at the end of last year.

Whereas it increased by 5,158, or 5.4 percent, compared to the previous six months. Among them, at least 56,000 owners are originally from China.

The number of foreign citizens who own houses reached 98,581, which means some of them have more than one property.

Chinese citizens own 56,301 houses, or 56.2 percent, followed by citizens of the United States with 22,031 houses, or 22 percent. Canadian citizens have 6,315 houses, or 6.3 percent.

Nearly three-quarters, or 72.7 percent, of foreign-owned houses are located in the Seoul metropolitan area, with 39,144 houses, or 39 percent, in Gyeonggi province.

Followed by 23,741 households, or 23.7 percent, in Seoul. Approximately 10 percent or 9,983 households are in Incheon.

More than 93 percent of foreign homeowners own one house, followed by 5,182 people, or 5.3 percent, who own two houses.

As many as 640 people own three houses, while 209 people own four houses. As many as 461 people own five houses or more.

The Seoul government will strengthen verification of funding sources, as concluded from the monthly report of the land ministry.

Properties with ownership by foreign nationals will be closely monitored, assisted by the trade monitoring system. real estate secara real-time .

A team of city officials will conduct on-site inspections to determine whether the registered property owners are the residents of their homes.

The Seoul government is attempting to revise laws regulating property trading and reporting in an effort to formalize a licensing system for foreign buyers of homes in Seoul. The revision aims to address the principle of reciprocity.

Korean citizens are bowing to strict land and real estate purchase restrictions in China, while home ownership by Chinese citizens in South Korea is surging.

"We will do our best to stabilize the Seoul property market, addressing the increasing number of foreign-owned homes and the subsequent rise in real estate prices," said a government official.