The federal government vowed Monday to take strict measures in opposition to unlawful actual property transactions by foreigners, noting their dangerous results on the housing market and residents.
An actual property monitoring staff underneath the Workplace for Authorities Coverage Coordination held a gathering with related businesses, throughout which the land ministry reported 210 suspected circumstances of unlawful actual property transactions involving foreigners between June 2024 and final Might.
The federal government stated it plans to take obligatory steps in opposition to the circumstances, together with by launching tax inspections, referring them to the prosecution and retrieving loans.
It additionally plans to debate toughening authorized measures in opposition to such unlawful actions and requiring foreigners’ inclusion of abroad funding plans in house buy offers.
By nationality, 125 of the suspected unlawful circumstances concerned Chinese language nationals, adopted by Individuals at 78, Australians at 21 and Canadians at 14.
By area, 89 of the circumstances concerned purchases in Seoul, 63 in Gyeonggi Province, 51 in South Chungcheong Province and 38 in Incheon.
