The Seoul office of the Korea Customs Service on Tuesday said it has found 61 foreigners who purchased 55 apartments in Seoul over the past two years using means that violated the Foreign Exchange Transaction Act.
The number of people owning multiple homes has increased despite the government tightening its grip on the real estate market, The report by Statistics Korea comes on the heels of the government planning to announce another real estate measure
Prime Minister Chung Sye-kyun on Wednesday urged senior public servants to sell their second homes to convince the public of the sincerity of the Moon Jae-in administration’s real estate policy.
The ruling party and the Moon Jae-in administration persist in taking heat as its lawmakers and top government officials continue to hold onto lucrative real estate in Seoul — contrary to the president's policy.
Large companies are dumping properties to raise cash as they struggle with liquidity issues in the Covid-19 hobbled economy. Already 4 trillion won ($3.2 billion) worth of real estate has been moved or is on the block.