Gov't vows strict measures against foreigners' illegal real estate transactions

The government vowed Monday to take strict measures against illegal real estate transactions by foreigners, noting their harmful effects on the housing market and citizens. A real estate monitoring team under the Office for Government Policy Coordination held a meeting with relevant agencies, during which the land ministry reported 210 suspected cases of illegal real estate transactions involving foreigners between June 2024 and last May. The government said it plans to take necessary steps against the cases, including by launching tax inspections, referring them to the prosecution and retrieving loans. It also plans to discuss toughening legal measures against such illegal activities and requiring foreigners' inclusion of overseas funding plans in home purchase deals. By nationality, 125 of the suspected illegal cases involved Chinese nationals, followed by Americans at 78, Australians at 21 and Canadians at 14. By region, 89 of the cases involved purchases in Seoul, 63 in Gyeonggi Province, 51 in South Chungcheong Province and 38 in Incheon.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times