Foreigners buying more properties, with Chinese citizens leading
The number of foreign buyers was 4,307 in 2010, 0.2 percent of total property purchasers in Korea, according to Jikbang on Tuesday.
By 2020, that number was 19,368 people, 0.63 percent of total property purchasers in Korea. Through July this year, 9,464 foreign buyers bought Korean properties. That number is 0.69 percent of the total number of buyers of Korean properties during the first seven months of this year.
"The portion of foreign buyers is still quite small, at less than 1 percent, but it is increasing," Jikbang said in a statement.
Among foreign buyers, those from China — excluding Hong Kong and Macau — have bought the most properties. As of July this year, they purchased 62.5 percent of the total. Last year, they bought 69.27 percent.
U.S. citizens accounted for 16.66 percent of the foreign buyers this year, becoming the second largest group of foreigners interested in Korean properties, with Canadians following at 5.06 percent.
People from China, the United States and Canada have been the top three foreign buyer categories since 2010, though the ranks have changed over time.
Until 2012, U.S. citizens were the top foreign buyers, but Chinese citizens beat them from 2013.
Chinese buyers were most interested in real estate in Gyeonggi. Among the property purchases made in 2021 by Chinese buyers, 43.51 percent of the properties were located in Gyeonggi, then Incheon at 16.77 percent and Seoul at 9.77 percent.
U.S. buyers were most interested in real estate in Gyeonggi. Around 30 percent of their real estate purchases this year were in Gyeonggi, followed by Seoul at 22.78 percent and South Chungcheong at 10.72 percent.
Jikbang said Chinese buyers were most interested in Bucheon, Gyeonggi and Bupyeong, Incheon. U.S. buyers were most interested in Pyeongtaek, Gyeonggi and Asan, South Chungcheong.
BY KIM JEE-HEE [firstname.lastname@example.org]