Pocheon City Designated Entire Area as "Foreigner Land Transaction Permit Zone"

The entire area of Pocheon City in Gyeonggi Province (Mayor Baek Younghyeon) has been designated as a "Foreigner Land Transaction Permit Zone" starting August 26.

Pocheon City Hall exterior. Provided by Pocheon City

This designation is a government measure aimed at curbing speculative demand through home purchases by foreigners and encouraging transactions centered on genuine end-users. The designation period will last for one year, from August 26, 2025, to August 25, 2026.

Accordingly, individuals with foreign nationality, as well as foreign corporations or governments, must obtain permission from the Mayor of Pocheon if they wish to purchase single-family homes, multi-family homes, apartments, row houses, or multiplex housing that exceed the designated area threshold.

In addition, foreigners who receive such permission must move in within four months from the date of approval and are required to reside in the property for at least two years after acquisition. If these obligations are not met, a corrective order will be issued within three months, and if still unfulfilled, a penalty of up to 10% of the acquisition price will be imposed.

A city official stated, "With the designation of the Foreigner Land Transaction Permit Zone, we will strengthen on-site inspections to thoroughly verify compliance with the residency requirements," adding, "We will do our utmost to establish a sound real estate market order."

Meanwhile, on August 21, the Ministry of Land, Infrastructure and Transport designated the entire city of Seoul, Incheon Metropolitan City, and key areas in Gyeonggi Province, including Pocheon City, as Foreigner Land Transaction Permit Zones following a review by the Central Urban Planning Committee.

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