Incheon Free Economic Zone Authority Launches Land Transaction Consultation Service for Foreigners in Songdo International City

The Incheon Free Economic Zone Authority announced on April 1 that it will implement the 'Sweet Home Guide,' a land transaction permission consultation service for foreigners in Songdo International City.

The Incheon Free Economic Zone Authority explained that it established the consultation service after observing that foreigners in Songdo, where the land transaction permission system applies, face difficulties purchasing real estate due to complicated administrative procedures and document requirements.

In areas like Songdo, where the land transaction permission system is enforced, foreigners must obtain prior approval to acquire land or housing. Following approval, they are required to move in within four months and reside in the property for at least two years.

Foreign Land Transaction Permit Consultation Service Banner. Provided by Incheon Free Economic Zone Authority.

The Incheon Free Economic Zone Authority plans to provide one-on-one preliminary consultations to help foreigners secure their own homes with confidence, and will assist them in preparing the necessary permission documents. In addition, the Authority will clearly inform users about the requirements that must be fulfilled after purchasing land and the legal consequences, such as penalty surcharges, that may be imposed in case of violations, in order to block speculative demand.

An official from the Incheon Free Economic Zone Authority stated, "Foreigners have often faced many setbacks in the process of buying homes due to a lack of understanding of domestic real estate regulations and language barriers. We hope this service will serve as a practical navigation tool for foreigners aspiring to settle in Songdo."

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