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s foreign ownership in Korea's real estate market hits record highs, the Seoul city government has introduced new measures to increase oversight of property transactions by non-Korean buyers. The move aims to address concerns over market distortion and unequal treatment of domestic residents.

    Under the plan, city officials will scrutinize the sources of funding for foreign real estate deals and expand investigations into irregular transactions flagged by the Ministry of Land, Infrastructure and Transport. Field inspections will also be conducted to verify whether foreign buyers are residing in properties purchased in designated areas, where they must agree to use homes for their stated purposes.

    The measures mark a significant step towards regulating a segment of the housing market that has operated with few restrictions. Officials say the initiative is intended to address growing frustration among Korean residents who face strict lending rules and high housing prices, while foreigners are seen as operating under a looser regulatory framework.

    As of late 2024, nearly one in four foreign-owned residential units in Korea were located in Seoul, with over 23,700 homes owned by foreigners. The city's crackdown follows a broader international trend, with countries like Australia imposing restrictions on foreign property purchases to address concerns over housing affordability and speculative buying.

    Seoul officials will collect monthly transaction data from district offices and coordinate closely with the Land Ministry to identify suspicious behavior. Buyers found to have violated residency or usage rules may face correction orders or fines of up to 10 percent of a property's acquisition cost if they fail to comply.

    The city has also asked the central government to amend existing legislation governing foreign property purchases, but plans to move forward with its own enforcement in the meantime. Speaking at a city council meeting, Seoul Mayor Oh Se-hoon said that the city would closely monitor price trends and take action if abnormal spikes are detected, particularly if foreign buying is found to be a contributing factor.