Portion of foreigner real state buyers hits all-time high

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Portion of foreigner real state buyers hits all-time high

Published: 10 Mar. 2024, 17:51

JIN MIN-JI
jin.minji@joongang.co.kr

Apartment complexes in Seoul [YONHAP]

The portion of foreigners who bought real estate in Korea last year hit a record high, led by Chinese buyers, court data showed Sunday.

A total of 15,600 foreign nationals completed property purchases in 2023, accounting for a record 0.9 percent of the total land acquisitions, according to an online real estate registry service run by the Supreme Court.

The percentage of foreign buyers in the Korean real estate market has steadily increased since the South Korean court started compiling such data in 2010.

It was 0.2 percent in 2010 and rose to 0.33 percent in 2014, 0.64 percent in 2018 and 0.75 percent in 2022.

The number of foreigners who signed rental contracts last year totaled 17,786, the highest number since data was compiled in 2010. The figure first broke 10,000 in 2019.

By country, 11,000 Chinese nationals bought real estate in Korea last year, accounting for 72.9 percent of all foreign buyers. They were followed by Americans at 7,800, Canadians at 1,600, Taiwanese at 521, and Australians at 510.

The data also demonstrated that more than 12,000 foreigners purchased residential properties, including apartments, villas and officetels, representing a share of 1.21 percent in the segment.

The number has gradually risen since it first broke 1 percent in 2022.

In Incheon, 27 kilometers (16.8 miles) west of Seoul, non-Korean buyers accounted for 2.09 percent of total residential transactions. In South Chungcheong, they accounted for 1.74 percent, while in Gyeonggi, they accounted for 1.68 percent,

Non-Koreans accounted for 1.53 percent of residential transactions in Jeju and 1.21 percent in North Chungcheong.

The number of rental contracts by foreign property owners was concentrated mainly in Seoul with 4,612, followed by Gyeonggi with 3,814 and Incheon with 499.

Yonhap