Foreign home buying in Seoul drops sharply after land permit rules

Home purchases by foreign nationals in Seoul and surrounding areas have dropped sharply after the government designated the regions as land transaction permit zones for non-Korean buyers last August, government data showed Friday. This suggests that tighter regulations may have curbed speculative demand amid controversy over claims that overseas buyers, particularly Chinese nationals, are fueling demand for luxury housing in upscale neighborhoods. According to data released by the Ministry of Land, Infrastructure and Transport, housing transactions involving foreign buyers in Seoul and surrounding areas between September 2025 and April 2026 declined by 28 percent to 3,304 from 4,617 a year earlier. The decline was most evident in Seoul, where home purchases by foreign nationals fell 44 percent to 545 from 968. Transactions also decreased in Gyeonggi Province, down 23 percent to 2,205 from 2,857, and in Incheon, down 30 percent to 554 from 792. In the capital, the drop was particularly pronounced in affluent districts such as Gangnam, Seocho, Songpa and Yongsan districts, where purchases