In response to the surge in real estate purchases by foreigners in Korea, the government has taken regulatory action.
Starting August 26, 2025, the entire Seoul Metropolitan City, 7 districts in Incheon Metropolitan City, and 23 cities and counties in Gyeonggi Province have been newly designated as Land Transaction Approval Zones for Foreigners.
This means that foreign nationals looking to purchase certain residential property within these zones must obtain prior approval from the relevant local municipal office before signing any transaction contract.
Transactions made without prior approval will be considered invalid and have no legal effect.
Additionally, key requirements include:
- Foreign buyers must move into the property within 4 months of receiving approval.
- They must also reside in the property for at least 2 years following the acquisition.
<Designated
Land Transaction Approval Zones for Foreigners>
|
|
Cities / Counties / Districts |
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Seoul |
All districts of Seoul |
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Incheon |
Jung-gu, Michuhol-gu, Yeonsu-gu, Namdong-gu, Bupyeong-gu, Gyeyang-gu,
Seo |
|
Gyeonggi Province |
Suwon, Seongnam, Goyang, Yongin, Ansan, Anyang, Bucheon, Gwangmyeong,
Pyeongtaek, Gwacheon, Osan, Siheung, Gunpo,
Uiwang, Hanam, Gimpo, Hwaseong, Gwangju, Namyangju,
Guri, Anseong, Pocheon, Paju |
