Under Moon Administration, Foreign-Owned Land Increased by 6 Million Pyeong... Seven Times the Size of Yeouido

Gyeonggi-do Reports 7.6㎢ Increase in Land Owned by Foreigners

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Since the current administration took office, the land owned by foreigners has increased by approximately 6 million pyeong. This is equivalent to seven times the size of Yeouido.

Park Seongmin, a member of the National Assembly's Land, Infrastructure and Transport Committee from the People Power Party, announced on the 26th that an analysis of the Ministry of Land, Infrastructure and Transport's audit data revealed that the total land area owned by foreigners increased from 233.6㎢ in 2016 to 253.3㎢ last year, a rise of 19.8㎢ (6 million pyeong).

Foreigners seeking to acquire real estate in Korea can acquire property by simply reporting the transaction, just like domestic residents, except for land subject to approval under the Real Estate Transaction Reporting Act and other regulations.

During this period, the region with the largest increase in land owned by foreigners was Gyeonggi Province, where foreign-owned land increased by 7.6㎢.

This was followed by Chungnam with 2.7㎢, Gyeongnam 2.2㎢, Jeju 1.8㎢, Jeonbuk 1.4㎢, Busan 1.1㎢, and Chungbuk 1㎢.

Last year, the nationalities of foreigners owning land in Korea were confirmed as follows: United States (52.6%), Others (25.3%), China (7.9%), Europe (7.2%), and Japan (7%).

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