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U.S. buyer nabs $7.5 million Gangnam apartment just before Seoul restricts foreign homeownership

Published: 01 Sep. 2025, 19:09

The Apgujeong Hyundai Apartment complex in Gangnam District, southern Seoul, on Nov. 26, 2024 [NEWS1]

A U.S. national purchased a large apartment in Apgujeong-dong, Gangnam District, southern Seoul, for 10.5 billion won ($7.5 million) just before the government tightened restrictions on foreign property ownership.

The transaction took place on April 23 for a 198.41-square-meter unit (2,136-square-foot) unit on the ninth floor of Apgujeong Hyundai Apartments 1 and 2, data from the Ministry of Land, Infrastructure and Transport and court registration records showed Monday. The property was purchased through a direct deal between individuals. The 39-year-old buyer completed ownership registration on Aug. 20.

Registration documents show that a mortgage of 6.27 billion won was placed on the same day with Nonghyup Bank as the creditor, indicating that the buyer likely used a loan to finance the purchase.

On July 21, the government announced that, starting Aug. 26, all of Seoul, seven districts in Incheon and 23 cities and counties in Gyeonggi would be designated as zones requiring foreign buyers to obtain approval before purchasing residential property larger than 6 square meters. Buyers must move in within four months and reside there for at least two years. They are also required to prove the source of overseas funds, with fines imposed for violations.

Because the deal was finalized before the restrictions took effect, the buyer is exempt from the move-in and residency requirements. The transaction was also signed before the June 27 measures that tightened financial rules, meaning the mortgage cap of 600 million won for housing loans does not apply.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY SHIN HYE-YEON [[email protected]]