Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
First snow to fall in Seoul on Wednesday
-
4
Man convicted after binge eating to avoid military service
-
5
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
6
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
7
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
8
S. Korea not to attend Sado mine memorial: foreign ministry
-
9
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
10
Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
Amid the steady growth of property ownership by foreign nationals in South Korea, Chinese acquisition of real estate ranked first for the ninth consecutive year, industry data showed Tuesday.
According to data from real estate app company Zigbang, foreign-owned real estate accounted for 0.69 percent of the total property purchases across the nation, as of August, continuing an upward trend from 2010, when it posted 0.2 percent.
Among the foreign buyers, Chinese purchased the largest volume of properties, the company said. The percentage of their real estate ownership hovered between 60 and 70 percent of the total foreign-owned properties from 2017 to this month.
Since 2013, when the same figure reached 36.48 percent, Chinese have secured first place in terms of property purchases in Asia’s fourth-largest economy, the firm said.
The majority of property purchases by Chinese investors between 2017-2021 were made in Bucheon, Gyeonggi Province as well as Incheon’s Bupyeong district, just west of Seoul.
Meanwhile, the portion of real estate purchases by investors from the US, who used to hold more than 50 percent of the total foreign-owned properties in 2010, dropped to below 10 percent.
“As China’s economic growth picked up speed, a growing number of the nation’s investors have turned an eye to foreign markets, especially bordering countries like South Korea,” a Jikbang official said.
With Chinese money flowing into the local housing market, concerns are growing over potential speculative housing transactions by foreign investors, who can borrow money overseas to buy homes in Korea to avoid the government’s tough regulations on mortgage loans.
“The volume of foreigners’ property transactions accounts for a small proportion of total real estate transactions across the nation. However, considering an upward trend in real estate ownership, the local financial authorities should come up with preemptive measures to ease market concerns over their possible speculative buying spree that may add fuel to the current overheated housing market,” the official added.
According to data from real estate app company Zigbang, foreign-owned real estate accounted for 0.69 percent of the total property purchases across the nation, as of August, continuing an upward trend from 2010, when it posted 0.2 percent.
Among the foreign buyers, Chinese purchased the largest volume of properties, the company said. The percentage of their real estate ownership hovered between 60 and 70 percent of the total foreign-owned properties from 2017 to this month.
Since 2013, when the same figure reached 36.48 percent, Chinese have secured first place in terms of property purchases in Asia’s fourth-largest economy, the firm said.
The majority of property purchases by Chinese investors between 2017-2021 were made in Bucheon, Gyeonggi Province as well as Incheon’s Bupyeong district, just west of Seoul.
Meanwhile, the portion of real estate purchases by investors from the US, who used to hold more than 50 percent of the total foreign-owned properties in 2010, dropped to below 10 percent.
“As China’s economic growth picked up speed, a growing number of the nation’s investors have turned an eye to foreign markets, especially bordering countries like South Korea,” a Jikbang official said.
With Chinese money flowing into the local housing market, concerns are growing over potential speculative housing transactions by foreign investors, who can borrow money overseas to buy homes in Korea to avoid the government’s tough regulations on mortgage loans.
“The volume of foreigners’ property transactions accounts for a small proportion of total real estate transactions across the nation. However, considering an upward trend in real estate ownership, the local financial authorities should come up with preemptive measures to ease market concerns over their possible speculative buying spree that may add fuel to the current overheated housing market,” the official added.
![[More than APT] Residents, architects together design homes](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2024/11/24/20241124050036_0.jpg&u=)
