Foreign-Owned Land in Chungnam 19.62 Million㎡...Appraised Value Approximately 949.7 Billion KRW

[Asia Economy (Naepo) Reporter Jeong Il-woong] The scale of land owned by foreigners in Chungnam Province is 1,962,000㎡, valued at approximately 949.7 billion KRW based on the official land price.

According to Chungnam Province on the 27th, as of the end of last year, the total land area in the province was 8,245.5㎢, of which land owned by foreigners amounted to 19,624,000㎡, accounting for 0.23% of the total.

This figure increased by 756,000㎡ compared to the end of 2018, with the official land price rising by 18.3 billion KRW from 2018 to last year.

By nationality, the proportion of land ownership by foreigners in Chungnam Province is highest among U.S. nationals at 63.1% (12,400,861㎡, a 3.5% increase from the previous year), followed by Chinese nationals at 2.4% (463,605㎡), and Japanese nationals at 2.3% (443,948㎡).

Other Asian nationals accounted for 16.6% (3,263,853㎡), Americas including the U.S. 12.5% (2,453,321㎡), and the UK, France, Europe, etc. 3.1% (598,113㎡).

Looking at the land owned by foreigners by usage, forest and farmland accounted for the largest portion at 11,670,239㎡ (59.5%), followed by factory land at 6,336,792㎡ (32.3%), residential land at 973,392㎡ (4.9%), commercial land at 642,348㎡, and leisure land at 929㎡ (3.3%).

By region, Seosan had the largest foreign-owned land area at 7,284,014㎡ (37.1%), followed by Dangjin at 1,935,925㎡ (9.9%), Boryeong at 1,620,795㎡ (8.2%), and Asan at 1,175,312㎡ (6.0%).

A provincial official stated, “In the global era, the acquisition and disposal of real estate by foreigners are expected to continue increasing,” adding, “The province will guide that if any changes occur in land ownership, they must be reported to the relevant city or county office within the prescribed period.”

This content was produced with the assistance of AI translation services.