Considering the high housing prices Koreans are facing in Seoul, preventing foreigners from buying investment properties may help a little, but probably not much:
The government is facing growing calls to curb the purchases of homes in Korea by foreign nationals, who could obtain mortgage loans from banks abroad and are subject to less stringent borrowing regulations than Koreans.
Some are even demanding restrictions as a reciprocal measure against countries where foreigners, including Koreans, are restricted from owning homes.
As of July 2023, foreigners accounted for 1.4 percent of total home purchases here. While this percentage may seem modest, it has been steadily increasing from 1 percent in 2021 to 1.2 percent in 2022. Also, fierce competition to buy homes in the crowded capital, where real estate prices have been escalating rapidly, has amplified the concerns of local residents regarding foreigners buying homes in Seoul under more favorable conditions.
Korea Times
You can read more at the link.
Here is the latest building that will grace Seoul’s skyline in the next few years:
A 100-story landmark building will be built in central Seoul’s Yongsan District, which will also feature a pedestrian bridge linking buildings at the 45th-floor level, the Seoul Metropolitan Government said, Monday.
These are part of the city government’s revived plan to transform the 500,000-square-meter former railyard into an international business district.
The land has been vacant for 10 years after the previous development plan had been canceled due to the global economic crisis. The state-run railway operator KORAIL holds 70 percent ownership of the land.
Korea Times
You can read more at the link.
