From now on, foreigners looking to purchase homes in Seoul, as well as parts of Incheon and Gyeonggi Province, must obtain local government approval based on a requirement that they must reside in the property for two years.
The Ministry of Land, Infrastructure and Transport (MOLIT) announced today (August 21) that all of Seoul, certain districts in Incheon, and key areas in Gyeonggi will be designated as foreign land transaction permission zones.
The areas affected include all of Seoul, seven districts in Incheon, including Jung-gu and Yeonsu-gu, and 23 cities and counties in Gyeonggi, such as Suwon, Seongnam, Goyang, and Yongin.
Land transaction permission is a government measure to regulate real estate purchases and prevent speculative buying. From now on, foreigners must receive approval from the relevant local government before purchasing property in these areas.
The key conditions are that buyers must reside in the home for two years after acquisition and must move in within four months of receiving approval.
The rule will take effect on August 26 and will last for one year until August 25 of next year.
The government said it may consider extending the period if the market conditions require.
MOLIT also stated that if violations are confirmed, an implementation order will be issued within three months, and a repeated enforcement fine of up to 10% of the land acquisition cost may be imposed until the obligation is fulfilled.
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