Gimpo City Designates Entire Area as Land Transaction Permission Zone for Foreigners... Approval Required for Housing Purchases

Gimpo City in Gyeonggi Province announced on August 27 that, starting from August 26, the entire area within its jurisdiction has been designated as a land transaction permission zone for foreigners. This measure aims to prevent speculative real estate investments by foreigners through the influx of overseas capital, fundamentally block market-disrupting activities, stabilize housing prices, and contribute to residential welfare.

Gimpo City Hall exterior view. Provided by Gimpo City

The transactions subject to permission include housing transactions within the designated zone where foreigners or similar entities participate as buyers. The term "foreigners or similar entities" includes individuals without South Korean nationality, foreign corporations, and foreign governments.

The scope of "housing" covers single-family homes, multi-family homes, apartments, row houses, and multiplex houses. The permission period will be effective for one year, from August 26, 2025, to August 25, 2026, and may be extended if necessary, depending on future market conditions. Foreigners who acquire housing with permission are required to move in within four months from the date of approval and must reside in the property for at least two years thereafter.

If the buyer fails to move in within four months of the approval date, an order to comply will be issued with a specified period of up to three months. If this order is not followed, a compulsory performance fine of up to 10% of the land acquisition price will be repeatedly imposed until compliance is achieved.

An official from Gimpo City stated, "We will continuously monitor the land transaction permission zone to curb speculative transactions and strengthen on-site inspections to thoroughly verify compliance with the residency requirement." The official added, "If the requirement is not fulfilled, we will not only impose compulsory performance fines but also consider revoking the permission if necessary."

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