Chinese homeownership continues to rise in S. Korea, prompts bill to limit purchases
According to data released Friday by the Land Ministry, the number of foreign-owned homes exceeded 100,000 for the first time. As of December last year, the total stood at 100,216, up 5,158 from six months earlier. Foreign ownership accounted for 0.52 percent of all homes nationwide.
The number of individual foreigners who owned homes was 98,581.
By nationality, Chinese nationals owned the most homes at 56,302, representing 56.2 percent of all foreign-owned homes. This marks a steady rise from 44,889 homes, or 53.8 percent, two years earlier.
Americans followed with 22,031 homes, or 22 percent, and Canadians with 6,315 homes, or 6.3 percent.
About 72.7 percent of foreign-owned homes were located in Greater Seoul. Gyeonggi Province had the highest number with 39,144 homes, or 39.1 percent, followed by Seoul with 23,741 homes (23.7 percent) and Incheon with 9,983 (10 percent).
By city, Bucheon in Gyeonggi Province topped the list with 5,203 foreign-owned homes, followed by Ansan (5,033), Suwon (3,429) and Pyeongtaek (2,984), all of which are in the same province.
Amid the rise in foreign homeownership, Rep. Koh Dong-jin this week proposed a bill to introduce a land transaction permit system for foreigners in the Seoul metropolitan area and to apply the principle of reciprocity when foreigners purchase land in Korea.
While Chinese nationals face few hurdles in buying land and apartment complexes in Korea, South Koreans are barred from purchasing land in China. For homes, they must reside in China for more than a year before becoming eligible to buy property.
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